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Survey spotted a serious crack, should I continue with purchase
irishmark
Posts: 11 Forumite
Hi all,
I'm a FTB and found a bargain flat (top floor of a converted semi, 1890, London).
The survey threw up a load of things and the vendor has agreed to knock a substantial amount off (5%)
One of the things however was a serious crack (floor to ceiling) where the rear addition joins the main house.
My surveyor advised that the vendor should claim on their insurance.
The vendor has refused saying she is unable (she is in India) to claim or do the work, so offered the discount instead.
I'm worried that if I buy the flat and the crack is "known" then the insurance will not cover it, is this correct?
The vendor has offered to "transfer" her insurance to me, is that even possible? and if so would it cover this crack?
Should I just back out? The flat is already very cheap and she has offered a big discount on top of that.
Any advice appreciated, thanks!
I'm a FTB and found a bargain flat (top floor of a converted semi, 1890, London).
The survey threw up a load of things and the vendor has agreed to knock a substantial amount off (5%)
One of the things however was a serious crack (floor to ceiling) where the rear addition joins the main house.
My surveyor advised that the vendor should claim on their insurance.
The vendor has refused saying she is unable (she is in India) to claim or do the work, so offered the discount instead.
I'm worried that if I buy the flat and the crack is "known" then the insurance will not cover it, is this correct?
The vendor has offered to "transfer" her insurance to me, is that even possible? and if so would it cover this crack?
Should I just back out? The flat is already very cheap and she has offered a big discount on top of that.
Any advice appreciated, thanks!
0
Comments
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Who is the freeholder of the building?
If these are flats, the crack is probably their problem ultimately.
(ETA: well, the problem of their insurer, and that comes back to your premiums and charges eventually, but what I mean is they will need to be involved).0 -
Ah, yes, sorry, is a 'share of freehold', so shared with the downstairs flat. Just two flats0
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Insurance or no, do you want to live in a property where the extension may come away from the main building?0
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Err I would walk away. She can't transfer the insurance to you.For everthing else there's mastercard.
For clampers there's Barclaycard.0 -
Hi all,
I'm a FTB and found a bargain flat (top floor of a converted semi, 1890, London).
The survey threw up a load of things and the vendor has agreed to knock a substantial amount off (5%)
One of the things however was a serious crack (floor to ceiling) where the rear addition joins the main house.
My surveyor advised that the vendor should claim on their insurance.
The vendor has refused saying she is unable (she is in India) to claim or do the work, so offered the discount instead.
I'm worried that if I buy the flat and the crack is "known" then the insurance will not cover it, is this correct?
The vendor has offered to "transfer" her insurance to me, is that even possible? and if so would it cover this crack?
Should I just back out? The flat is already very cheap and she has offered a big discount on top of that.
Any advice appreciated, thanks!
Have you got a link to the property?0 -
The flat is cheap because no FTB in their right mind would buy it, it's not a bargain it is falling apart! Of course she can claim on the buildings insurance, the other freeholder can do it. What insurance is she trying to transfer to you? How can she complete a sale from India yet not contact an insurance company?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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you will need to unmangle the link...
h**p:// [rightmove]/property-for-sale/property-35671366 html0 -
Maybe the transferrable insurance is a previous indemnity.
Could be cheap because the owner is cashing out and going to live in India, wants a quick sale.
Personally I'd walk, find somewhere where you wont be forever worried about the structural integritySealed pot challange no: 3390 -
http://www.rightmove.co.uk/property-for-sale/property-35671366.html
Doesn't seem that cheap to me, there are plenty of other two bedroom flats within half a mile of that postcode under £240K?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Withdraw your offer and walk away, or get a structural engineer's report and establish the exact problem;-
http://www.findanengineer.com/I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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