under pinned house

TTT_2

Hi all
I am in a position that I have no experience of and hope for a bit of help.
We have had an offer accepted on a 70's townhouse- valuation has come back and mortgage offer has been sent to us .
I have just recd the home owners question pack and it states the property was under pinned shortly after construction.
When I looked at the property I was there for half an hour or so as it is a bit different to other houses I have owned and wanted to have a good poke around. I carefully looked at front,rear and side elevations and it was very straight. There were no cracks to brick work or pointing and I could see no evidence of movement historical or more recent. I have not been back to the house since learning of the underpinning.
Apart from a structural survey is there anything else to think about? I am fairly certain the house is now fine but am a bit worried about insurance costs and resale although the valuation did not pick it up so must be pretty well repaired .

Debt_Free_Chick

Get a structural survey. But the fact that the house has been underpinned is, IMHO, quite encouraging as it means that a potential problem has been addressed. It would be worse if there were a problem and no action had been taken.

TTT_2

Must say I agree that a problem that has been addressed is far better, my only concern is that it will make life difficult for insurance and re sale. Does anyone have experience of either in a similar situation?

Debt_Free_Chick

I sold my underpinned house within weeks of completion. It was already insured, so the buyer simply took a policy with the existing insurer.

In terms of selling it - different buyers will have different attitudes, but there are very many houses which have been underpinned. The reason for underpinning may be a factor.

Existing insurers will usually offer continued cover.

HTH

Noah'strolly

my parents just found out that the property they are trying to buy was underpinned. Whilst it doesn't bother them, they have been told (not sure by whom) that it may be uninsurable and they could loose their mortgage. They are understandable worried so I'd love to hear how you get on.

Sapphire

TTT wrote:

Must say I agree that a problem that has been addressed is far better, my only concern is that it will make life difficult for insurance and re sale. Does anyone have experience of either in a similar situation?

I lived in a house that had to be underpinned about 10 years before I actually moved from it. My buyer didn't have any problem with this. I think it is only a problem if there is no insurance for subsidence.

Subsidence is a common problem, especially in houses in the London area. I wouldn't hesitate to buy a property that had been underpinned, unless a survey showed that there was a recurrence of the problem. If it has been underpinned, it means that the subsidence has been dealt with and is unlikely to recur - and if it does and if you are insured, the insurance will cover the cost of the underpinning.

I've never heard of subsidence recurring, incidentally. Has anyone else here?

TTT_2

Update for those who are interested
Vendor is paying for a structural survey.
I have had a quote from N U at under £300 for buildings and contents after declaring the underpinning.
The only issue is the excess for subsidence rises from a standard £1000 to £3000 after they take into account the underpinning so all is not lost hopefully!