survey back and alas another problem!! advise plz

mummy26

hi guys thanks for taking time out and reading this, i need some advice...currently going through a house sale and this is the 3rd house iv been involved in purchasing and it seems like evrytime i fork out for a survey something goes belly up and iv had to pull out...not to mention costs!! finally this property totally love but reports come back that house has had subsidence in past and its not progressing or long standing?? im so confused?!! this kind of makes me panic thinkng im forking out for insurance and might in the long term have problems!! i dont know what to do? shall i renogotiate price with vendors or pull out?? any thoughts on this plz??

kingstreet

I would view this as completely normal for an older property. The words "longstanding" and "non-progressive" indicate the surveyor does not find these issues a problem.

You should not have lending, insurance or re-sale issues.

Is there any impact on the value of the property?

mummy26

The mortgage valuation came 3k under than purchase price and mortgage lenders are still ok to go through with it and iv got insurance in place for the property I'm just a bit concerned as iv not come across this issue before and my knowledge is limited and iv gone over budget for this house and can't afford repairs etc..also said in report about replacing tiles a minor job but is it maybe worth renogiating on price gien what I knw and also on report concerns of abets If I wanted to carry out further work..alot to take in!

mummy26

Abestos sorry!

poppysarah

mummy26 wrote: »

iv gone over budget for this house and can't afford repairs etc.

You need to step back and ask if this is the right decision to be making.

suki1001

"house has had subsidence in past and its not progressing or long standing"

I used to work for a well known bank in the insurance dept. This phrase was an ok one for the mortgage company and insurer to go ahead and quite common to come accross, it was if there were current signs of movement that it was a problem (or rather it was up to the current insurer of the property to deal with. I wouldn't be worried if I were you.

kingstreet

mummy26 wrote: »

Abestos sorry!

This is something potentially much more serious. Asbestos has to be removed and disposed of by specialists. I'd get further information on this before I went any further.

SDP007

I would say you need to find out how much the current owners pay for their buildings insurance, as a first stake in the ground. Then obtain quotes from the insurance company - we've just had the same issue and found that when we got a quote for buildings insurance (to begin on exchange) we were quoted under £500 for buildings and contents....however we then found out the current owner pays almost £1,300 just for his buildings insurance....and a new policy holder may be charged more! So the questions are:
What is the detail of the current owners policy schedule? Are there any exclusions? How much do they pay?
Can you afford that kind of on-going annual cost?
Is it a very buoyant market where you live? Will it be easy to negoiate? If things are not moving quickly, then you'll have more leverage.

There was also an asbestos issue in the house we were buying and we spoke to a very sensible asbestos surveyor, who informed us that we could get contractors to remove it (at a reasonable price), pack it in special bags and we could take it to a domestice asbestos council disposal tip free of charge. You would need to get someone to check what type of asbestos this is and then make a decision.

G_M

house has had subsidence in past and its not progressing or long standing??

Please clarify the wording. This implies that that the subsidence is not longstanding ie it is recent. That would be worrying.
Any subsidence history will need to be declared to insurers. Most online insurers/comparison sites will immediately decline, so either
1) you lie and risk your insurance being invalid when you come to claim or
2) you use a broker/go direct to insurers but pay more than would otherwise be the case.

motherofstudents

did it actually say subsidence or settlement?

mummy26

Thank you for all your advice and I'm taking it all on board..this board is a life saver for ppl like me!! I will get a full structural survey done on the house...from the basic report it said past case of subsidence and not a problem at mo but does have trees that r root cause of it o think..garage has abestos...any idea where I can get a decent full report from?