Help! subsidence,insurance & conveyancing

cantworkitout

hazyjo wrote: »

I believe the OP is mistaking your reference to a 'homebuyer's report' with a HIPS report - which were abolished.

You should have a copy of the survey (probably a 'homebuyer's report/survey' as said above. Alternatively, it would have been just a 'valuation', or a more indepth 'full structural survey' - which I'm pretty sure you didn't have).

Jx

Hi Thanks for replying.:)

Sorry I dont know what OP means?
And yes It seems i didn't have ether of those even though the financial adviser assured me that is what i was buying.:mad:

cantworkitout

shar46y wrote: »

I did wonder whether the OP meant a HIP, but wasn't sure because I was thinking about the whole thing from a buyer's point of view. Re-reading the first post, he/she does say it is their second property so now that part at least makes sense.

Thanks for your reply.

Indeed that is what i was referring to ...all be it in a confused manner!
I am a she

cantworkitout

pmlindyloo wrote: »

I am completely confused!

It seems that the OP did receive some survey reports mentioning historical subsidence (see my bolding)

Why would the conveyancer send them in February when they had bought the house in October the previous year?

It would also seem that the OP hadn't even seen those survey reports before she purchased the property! All very strange.

If I've got it right then I would be contacting the conveyancer and asking them questions!

OP I hope you've still got these survey reports and the letter from the conveyancer.

Hi Thanks for your reply , sorry i have confused you all.

Yes I completed in October and they did not send these documents until Feb , I did consider approaching the conveyance about this but i guess i am worried that they will say i did not buy the full survey and therefore it is my fault and down to me.

Yes I have every single piece of paper they ever gave me.
from this house and the last. mostly as i was unsure what i needed to keep and not so kept everything to be safe.

JingleJangle

I am totally confused, but I think I agree with what GM is suggesting with regards to events. OP (which means Original Poster - so you, cantworkitout), it is YOUR responsibility to get a survey which covers specific areas if you are worried about them. I would personally never have less than a full survey, the few extra hundred pounds it costs can save you thousands at a later date. Did you actually instruct a surveyor to carry out a survey?

JingleJangle

cantworkitout wrote: »

Hi Thanks for your reply , sorry i have confused you all.

Yes I completed in October and they did not send these documents until Feb , I did consider approaching the conveyance about this but i guess i am worried that they will say i did not buy the full survey and therefore it is my fault and down to me.

Yes I have every single piece of paper they ever gave me.
from this house and the last. mostly as i was unsure what i needed to keep and not so kept everything to be safe.

Yep - buyer beware.

cantworkitout

G_M wrote: »

The OP's explanation is very confused. However, I too guess the reference to is actually a reference to a HIP.

OP, forget HIPs. There are 3 levels of 'inspection' of a property:

1) a valuation. This is very basic, and although you pay for it, it is a requirement of your mortgage lender and belongs to thm. It is to ensure their loan to you is safe. It is NOT intended for you, or to 'survey' the property (though they may show you/send you a copy).
2) a home-buyers report. Has more detail/investigation than the valuation. Is to a set format, and examines the property structure
3) a full survey. As 2) but more in-depth. Lots more words/detail and less bullet points/tick-boxes. But covers simialar areas.

My guess? Your lender did a valuation and you did nothing.

As for the surveys from your solicitor, my guess is that these were handed over to him by the seller or his solicitor, quite possibly after you bought, as part of a package of historical documents relating to the property. They could be from when he, the seller, bought the property. Or they could be older still. Might be an idea to have a detailed look at them.........?

Hi thanks for your reply.
From what you have said i believe it to be the no 1 the valuation.
as it said nothing of house condition.
I feel very stupid now as i did think at the time it was strange but just trusted as it was the bank and my FA organizing it must be fine..
makes me feel like crying for being so naive !!!

I read the documents three times back to front and they said that the subsidence was "historical". if that helps.

chris_m

cantworkitout wrote: »

and not a survey at all ( I cannot believe Halifax would mortgage a house without one) .

All the lender is interested in is whether they will be able to get their money back should the borrower default.
i.e does the property exist, is it worth at least what they are lending and will they be likely to be able to sell it to cover the amount they've lent if anything happens to the borrower.

They aren't overly worried at the risk of it falling down because that is the owner's responsibility to deal with and/or insure against.

As someone said earlier, they can do a valuation simply by driving past to make sure the property exists and appears to be of the right value.

I read the documents three times back to front and they said that the subsidence was "historical". if that helps.

How old are those documents? I would have expected there to be a date on them somewhere. If you didn't commission a survey someone else did, but was it at the time of your purchase or could it be from a previous sale of the property?

cantworkitout

JingleJangle wrote: »

I am totally confused, but I think I agree with what GM is suggesting with regards to events. OP (which means Original Poster - so you, cantworkitout), it is YOUR responsibility to get a survey which covers specific areas if you are worried about them. I would personally never have less than a full survey, the few extra hundred pounds it costs can save you thousands at a later date. Did you actually instruct a surveyor to carry out a survey?

Thanks .
I did realise it is my responsabilty to have a survey but that is what i was told i was buying.
A harsh lesson for getting a full survey obviously but i thought i had brought a least a basic one , I would never have agreed to just a valuation and surely that does not cost £500?!

1) Perhaps i should go back to the FA and ask why i paid £500 for a valuation ?
2) when you fill out the condition of the house to sell, don't you have to state if there has ever been subsidence? I never saw any paper work from the conveyancer that included this should I have?
3) Is the conveyancer allowed to let my sale go through without sending/showing me the histrionical reports regarding subsidence first?

JingleJangle

Where is this property OP? Is it in London? London is renowned for subsidence. My house had historical movements. That doesn't mean it won't move again. It is not the conveyancer's responsibility to point out details in the survey report, it is your responsibility to make sure you get the report appropriate to your needs and worries, and to read it yourself. I doubt the conveyancer received the old reports until after the sale went through to be honest.

cantworkitout

chris_m wrote: »

All the lender is interested in is whether they will be able to get their money back should the borrower default.
i.e does the property exist, is it worth at least what they are lending and will they be likely to be able to sell it to cover the amount they've lent if anything happens to the borrower.

They aren't overly worried at the risk of it falling down because that is the owner's responsibility to deal with and/or insure against.

As someone said earlier, they can do a valuation simply by driving past to make sure the property exists and appears to be of the right value.



How old are those documents? I would have expected there to be a date on them somewhere. If you didn't commission a survey someone else did, but was it at the time of your purchase or could it be from a previous sale of the property?

Thanks and hello again.
Ok just went to get all the paper work.

Yes it was a Valuation. it says so on the top of the document .

Ok the pack I received from the conveyancer is as follows.
Cover letter dated 20th Jan 2011 ( not received until Feb )

it says please to confirm registration of title etc.
It then says there are various other documents that neither the land registry or mortgagee wish to hold so enclosing herewith etc..

Included.
1) Land Reg
2) Energy Performance certificate
3) Report of Structural Inspection dated July 2004.(sates occupants have lived here for two years so assume they got it checked with their insurance after moving in)
Conclusions and recommendations of the above
a) The cracks and distortion are considered to represent longstanding movement and there is no evidence of recent and progressive differential foundation movement.
b) Internal cracks generally result from shrinkage where different materials meet.
c) the following work should be undertaken in conjuction with redecoration ;
i) filling cracks with pollyfiller and cross lining walls with heavy duty lining paper.
ii) installing mastic sealant to party wall brickwork joints in the fromt elevation.
iii) it would also be prudent to install a ridge lacing beam 100x 25cm softwood nailed to each rafter and install eaves vents.

Second Document.
Insurance claim- subsidence dated October 2001.
Initial technical recommendations .
None we are satisfied that the property is stable and no further measures are required.
Although in with this is does state that no 1 has been re built and no 3 has been underpinned ( I know no 9 has since been underpinned also)
( we are in the middle of these)