Selling water damaged house

philhoward

The house we moved out of a couple of years ago suffered a burst pipe in the loft and took out (at least) half the ceilings in the process. My own fault for not checking the small print, but the insurance claim has been cancelled (they actually voided the policy) so I'm stuck with a house that currently has no water, still got a damaged pipe somewhere, needs the remedial work and I need to sell. Anyone got any tips, websites etc, or possible guesses on how much of the value has been lost because of it? Hopefully will realise enough to pay the Buy-to-Let mortgage on it and pay off the costs already incurred by the insurer that I have to pay back.

Best condition houses in the same street/estate seem to fetch around 120-125k based on a Mouseprice monitor I set up a few years ago.

(last line removed; was an off the cuff comment)

tbs624

philhoward wrote: »

The house we moved out of a couple of years ago suffered a burst pipe in the loft and took out (at least) half the ceilings in the process. My own fault for not checking the small print, but the insurance claim has been cancelled (they actually voided the policy) ..

Why did the insurance company void the policy? Had you changed from a residential policy to a LL policy? Left the property empty for an extended period?

philhoward wrote: »

so I'm stuck with a house that currently has no water, still got a damaged pipe somewhere, needs the remedial work and I need to sell. Anyone got any tips, websites etc, or possible guesses on how much of the value has been lost because of it? Hopefully will realise enough to pay the Buy-to-Let mortgage on it and pay off the costs already incurred by the insurer that I have to pay back.

Surely the easiest way is for you to obtain several quotes for the work to be done and do your own sums?

philhoward wrote: »

Best condition houses in the same street/estate seem to fetch around 120-125k based on a Mouseprice monitor I set up a few years ago.

xxxxxxx OP amendedt?

You may want to remove the last sentence - see forum rules[/quote]

If you want to sell and it's in a good lettings area talk to the local LL association - they often have a "property for sale" page in their member newsletter

philhoward

I hadn't changed the policy as whilst the intention was to let it out, I didn't get round to doing so with pressures of work taking up all my spare time (and trying to stay married as well). Hence remained/renewed as a residential policy. One of those "round to it" jobs that I didn't get round to. As I said initially, my mistake and now costing me dearly. I didn't spot the required occupancy clause in the policy renewal documents.

I intend to get a quote or two for the work required but was after a ballpark guess - 10,20%? Never looked into it, hence have no idea. Will try a search for the LandLords assocation (assuming thats what the abbreviation stands for?).

tbs624

philhoward wrote: »

I hadn't changed the policy as whilst the intention was to let it out, I didn't get round to doing so with pressures of work taking up all my spare time (and trying to stay married as well). Hence remained/renewed as a residential policy. One of those "round to it" jobs that I didn't get round to. As I said initially, my mistake and now costing me dearly. I didn't spot the required occupancy clause in the policy renewal documents.

A lesson that other newbie LLs would do well to heed if letting out their own former home.

I intend to get a quote or two for the work required but was after a ballpark guess - 10,20%? Never looked into it, hence have no idea. Will try a search for the LandLords assocation (assuming thats what the abbreviation stands for?).

Yep, LL - landlord
see https://forums.moneysavingexpert.com/discussion/2666553