Underpinned

cycloneuk

Is it the structural engineers report i need to check just the underpinning and that there has been no movement since? or will a full building survey do the same? because they are both similar in price. I have a quote for a engineers report for £250+VAT and it takes around 1 hour, i'm thinking if a full building survey does the same i might has well go for that since it would check the entire property.

ruggedtoast

Few surveyors will stick their neck out about structural movement, if they suspect it they will tell you to get an engineers report to make sure.

To properly check movement measurements are taken over months not on a single visit. Although a professional can give you their best opinion in one visit.

If it was done that long ago and it checks out now its probably ok.

cycloneuk

Hoping to find out tomorrow/Friday why it was underpinned, if it was partial or full and if all documents are in order. Considering i have offered the very top end of what it's worth i think that now this has come to light i should be revising my offer downwards and making it subject to the structural engineers report coming back ok. I would also have to adopt the existing insurance policy (is this likely to rise once the guarantee for the work expires?) and future resale problems may be an issue, researched this lots and many buyers shy away, what percent should be looking to get off on a 100k purchase?

ruggedtoast

No way to say i'm afraid. It entirely depends on what its worth to you. Insurers certainly have you over a barrel that's for sure.

This is why a lot of sales fall through when underpinning comes to light. People get nervous, they have to spend out for special surveys, getting insurance is a problem and then they can't figure out a new price or appraise the risk.

thomasdown

cycloneuk wrote: »

Hoping to find out tomorrow/Friday why it was underpinned, if it was partial or full and if all documents are in order. Considering i have offered the very top end of what it's worth i think that now this has come to light i should be revising my offer downwards and making it subject to the structural engineers report coming back ok. I would also have to adopt the existing insurance policy (is this likely to rise once the guarantee for the work expires?) and future resale problems may be an issue, researched this lots and many buyers shy away, what percent should be looking to get off on a 100k purchase?

Go onto a moneycomparing website and do an insurance quote for your needs 1st, as if everything is normal with the house etc etc

Then just amend the quote and this time put the underpinning on the quote and see what the difference is?

Then multiply the difference by how many years you seem is appropriate to try and get off the purchase price.

By which I mean if its an extra £250 a year due to the underpinning you may want 20 years so go for £5k off your original offer? But as mentioned by someone else the true cost will be higher in the long run because if you change insurance providers on a yearly basis to get a cheaper premium, they may ask for an up to date specialist report on the underpinning?

You may find you might not get insurance at all on the property in which case you may need to walk away.