'rate my revised offer' - seems excessive!

rdpro

Hi..

I offered 160k on a victorian terrace, subject to survey - the survey came back with a list of necessary repairs and ongoing subsidence, which was confirmed by a structural survey as 'typical of such properties with poor foundations'.

Now, I've read somewhere (here possibly) that subsidence reduces the value by 15%. Taking into account the repairs of 8k, this means my revised quote would be just under 130k?!

That really doesn't sound realistic, does it? I'm afraid the vendor (who had no mention of this in her basic survey 4 years ago) will just refuse point blank.

scope

Would you really want to buy a property with ongoing subsidence? I wouldnt.

courtjester

If the subsidence wasn't on the survey 4 years ago, that means it has started since and, you say, is ongoing.

This is a matter for the vendor's insurers to deal with.

You should walk away, it's not just about an 'estimated' cost of £8,000 to deal with - where has that come from anyway? The many potential causes of subsidence have to be fully investigated which involves a period of disturbance and monitoring over many months, an appropriate solution designed and implemented and then further monitoring to ensure that this has rectified the problem before it can be certified with a clean bill of health.

After which, insurance may be problematic to come by (and expensive) and many buyers will not consider a property which has had subsidence repairs (whatever your opinion on the integrity of a repaired building, it remains as a partial blight on the building's character).

Unless you are happy to take on all the problems and you get the property with a massive discount off the asking price, you really need to consider looking elsewhere.

rdpro

The subsidence is considered to be caused by cracked drains in the back garden, and repairing 'may not' rectify the issue. The 8000 pounds are for repairs to the roof (rotten eaves, flashing, etc) and garden wall rebuilding.

The structural engineers report stated 0.3mm a year if ongoing - doesn't sound much?

spunkeyrich

You really need to contact the Agents about this. If there is a subsidence claim going on is it transferrable? what is being done to sort out the problem at the present time? what insurer is the owner using and what stage are they at.
You really must scratch your head and ask wether this is the right home to buy.
It sounds like the owner hasnt been aware of this and they need to get thier own structual servey out to make an insurance claim, or see if its transferrable and any excess and reduce your offer taking into account inconvenience. My guess is though that the owner will deny anything is wrong and try to sell elsewhere to another buyer who doesnt have a full servey.

rich

rich