FTB Building survey raised concerns - would you walk away?

southerngirl_2

Morning all, first post so please be gentle.

FTB, offer accepted on end terrace property built 1900.
Received valuation report and full building survey which identified external cracking and possible movement. The mortgage lender requires a structural engineers report before I can proceed further.

The valuation report stated that the property is in an area where other properties are known to have suffered from subsidence/landslip/heave.

The building survey stated
Exterior walls
'Some cracking is noted above the front ground floor window running up the underside of the first floor window, cracks passing through brick joints, prehaps 1-2mm wide. This would indicate some movement has occurred, which will require monitoring to ensure it does not become excessive or is, indeed, progressive.'

'Considerable cracking to the left hand rear corner of the property has occurred. Cracking is, perhaps, 2-3mm wide in places. Cracking suggests possible movement to the rear right hand corner and make it prudent to consider a structural engineer's analysis.'

Outbuilding (used for storage)
'Considerable disrepair is noted to the external elevations with large vertical cracking noted running out, perhaps, 10mm of bulging brickwork, loose and friable pointing and spalled brickwork'

My mortgage lender requires a structural engineers report, roofing report, electrical report and gas report. They also want estimates for repairs to external joinery, external redecoration and main wall repair.

How concerned should I be?
I appreciate it's an old property so would you expect to see some degree of cracking in properties of this age?
I don't have enough knowledge on this matter to know how bad this is and what is the sensible thing to do. I love the house but I'm prepared to cut my losses and walk away.

Would it be worthwhile calling the agent and asking if the vendors are prepared to accept a lower offer based on the survey findings. If the answer is no then I'd simply walk away now and not pay more money for the engineers report.

Could it be difficult getting reasonably priced insurance because of the survey findings? In terms of insurance cover would these cracks be classed as subsidence?

Thank you for taking the time to read. All views and opinions gratefully received.

olly300

Sounds like subsidence.

And no I wouldn't expect to see cracking in an house that age as there are lots of that in my area and none of my family and friends who have houses that old or older have these types of cracks in them. I also grew up in Victorian houses where parts of them where built around 1850.

There are other maintenance problems that you have to deal with with older houses, and as your a FTB and it's a buyers market I would go and look at other houses as you don't need the stress of dealing with these things plus subsidence.

poppysarah

Did you notice cracks when you viewed?
I'd steer clear. I know some people say not to, but keep looking at other houses.

southerngirl_2

Thanks for your responses.

Have spoken to a few insurance companies this morning and none of them would provide cover.

The building survey listed quite a few other issues that would need remedial work. Your right Olly300, I'm prepared to do some maintenance work but the list was quite extensive and with the added subsidence I don't want the stress and added costs. I think it's best to cut my losses and walk away.

Poppysarah - to be honest I didn't notice any cracks, put it down to being a green FTB. It's definitely been a learning experience if somewhat costly.