I think I have the "unsellable" property

elvis_girl

I have been trying to sell my g/f 2 bedroom flat for the last year. I finally agreed a sale 2 months ago after living there myself for over 6 years. I was aware when I bought it that there was an external crack at the back & a horizontal crack at the side (through the mortice). As I was a first time buyer & didn't really know any better I thought if it was a major problem it would show up in either the valuation or in the legal searches but nothing showed up in either so I went ahead with the purchase. This has caused me nothing but trouble since then when I went for a remortgage I had to get an engineers report which said they couldn't tell if the movement was progressive or not. Now my purchasers are required to get an engineers report & I'm scared the sale is going to fall through. I just feel really stupid for buying the place in the first place & now I'm scared that I'm stuck forever in an unsellable house. Any advice welcome tho please be nice as I have the rest of the day to get thru & I'm constantly on the verge of tears.

lynzpower

I am only suggesting ( no expert here) but the alternative is for you to commission a full; structural survey on the property.

Do other flats suffer with this?

What is the freeholders take on the matter?

Eric1

were your buyers aware of the problem before they offered?
did you tell them how much your insurance costs?
anything will sell at the right price.

maninthestreet

Can you upload some pictures?

elvis_girl

Thanks for all the replys. I am joined on to three other flats (1 above, 1 beside & one above it) so I guess everyone is affected. The property is leasehold I think (I pay ground rent). The crack is pretty obvious so I guess they would have seen it at least (there are no cracks inside) & there is a crack across my neighbours front which I suppose would be obvious too. My insurance doesn't cost above average (about £25 a month I think for B&C) so no I didn't tell them the costs. I just don't understand how if this is such a major issue it didn't come up when I bought it

lynzpower

Well it sounds like when you bought it you only had a valuation survey?Not a structural, so therefore it wouldnt come out.
I think you need to talk to your neighbours about what the freeholder is suggesting as as olution to this.

Do you pay into a sinking fund? Does the freeholder manage it? ETC

Milliewilly

lynzpower wrote: »

Well it sounds like when you bought it you only had a valuation survey?Not a structural, so therefore it wouldnt come out.
I think you need to talk to your neighbours about what the freeholder is suggesting as as olution to this.

Do you pay into a sinking fund? Does the freeholder manage it? ETC

Obvious structural fault should be picked up on valuation and further investigation recommended.

Eric1

elvis_girl wrote: »

The crack is pretty obvious so I guess they would have seen it at least (there are no cracks inside) & there is a crack across my neighbours front which I suppose would be obvious too. My insurance doesn't cost above average (about £25 a month I think for B&C) so no I didn't tell them the costs. I just don't understand how if this is such a major issue it didn't come up when I bought it

Well, they may claim they didn't see it and demand a discount, or walk away.
If they need a mortgage, they will need to arrange new insurance or take over the existing policy.
I think such major issues should be discussed before accepting the offer, since they will come up anyway.

lynzpower

Milliewilly wrote: »

Obvious structural fault should be picked up on valuation and further investigation recommended.

But not always.

I used to be an EA in the peak and it was well known that some valuers val'd on drive bys. They were well known as they came into the office saying they were going to val, but they didnt need the keys as they weren't going in. Bubble market indeed.

A valuation survey on my own property was done when I was selling and the surveyor didnt even go outside, so would not have seen significant issues that can only be seen from outside. Again selling in a peak market.

Milliewilly

lynzpower wrote: »

But not always.

I used to be an EA in the peak and it was well known that some valuers val'd on drive bys. They were well known as they came into the office saying they were going to val, but they didnt need the keys as they weren't going in. Bubble market indeed.

A valuation survey on my own property was done when I was selling and the surveyor didnt even go outside, so would not have seen significant issues that can only be seen from outside. Again selling in a peak market.

True but if they miss it you sue them - you are paying for a service they should do a proper job. Simples.

elvis_girl

lynzpower wrote: »

Well it sounds like when you bought it you only had a valuation survey?Not a structural, so therefore it wouldnt come out.

If this was such a major issue as it seems to be now would it not have come out anyway? He has said on it that the property has never suffered from subsidance