Buy or Not buy this house? Advice please

gogo2013

Hello everyone, I hope somebody could give me some advices.

We are in the process of buying our first home. We are happy with the location, the house itself even it need quite a bit renovation work. Now all paperwork done, ready to exchange in a couple of days. So as the solicitor request, we are hunting the building insurance before exchange. Here comes the problem, I found some insurers won't give me a quote, like Aviva, or some offer us a very expensive one overt £1000, like Home Protect. I called them to ask the reason. Aviva said the area is a high risk of subsidence area:eek:

For the house itself, My building survey suggested it is in sound condition, never suffered from subsidence. Of course there's are some insure company still offer quite reasonable quote. But my concern is that will this makes my future insurance get higher and higher if more and more insurance company regard this area is high risk? And will this make my future resell more difficult? But we do love the house and there's no any issues about the property itself. Walk away? we have almost gone through all stressing times? What will you guys do? Please advice! Thanks:T

mummyroysof3

What is in the area that makes it at risk of subsidence? We live very close to where a pit was and haven't had this issue.

gogo2013

mummyroysof3 wrote: »

What is in the area that makes it at risk of subsidence? We live very close to where a pit was and haven't had this issue.

I am not sure. The insurance did not give the details. But I just checked the environment search report which actually indicated the potential for natural ground subsidence within the search area is Moderate --High:eek: Maybe this is the reason?:(

gogo2013

Anybody help please!!!

ACG

How old is the property?
If your talking 50 years for example, then if its not moved yet its very unlikely to move now.

If its only 10-15 years old then you might want to take another view on it.

Go and have a look at properties in the neighboring streets, do any of them appear to be suffering from subsidence?

No matter where you buy there will always be some insurers who do not want to quote - some because of subsidence, some due to flooding, some due to it being a bad area or close to a bad area.

mummyroysof3

Is it worth asking the owners who they insure with and how much they pay?

gogo2013

The house is a 1930' semi which doesn't show the subsidence from my building survey report. What worrying me is the area which is the high risk of subsidence. Whether or not this will my future insurance or even resellability?

For the vendor's insurance, they currently hold 3 months of unoccupied building insurance. I will find out how much it cost.

hazyjo

Could be that other homes have been affected. An EA told me some houses in a particular road had been affected. Might be worth a call to one (who obviously knows the area well) to say you're looking in the area, and have heard horror stories about subsidence in certain roads - can they advise as to where to avoid. Ask about that road in particular if they don't mention it.

Could always knock on neighbours' doors further up the road.

Is there a forest nearby? Or just trees? It's part of a forest that affected the road I was told about.

Jx

gogo2013

hazyjo wrote: »

Could be that other homes have been affected. An EA told me some houses in a particular road had been affected. Might be worth a call to one (who obviously knows the area well) to say you're looking in the area, and have heard horror stories about subsidence in certain roads - can they advise as to where to avoid. Ask about that road in particular if they don't mention it.

Could always knock on neighbours' doors further up the road.

Is there a forest nearby? Or just trees? It's part of a forest that affected the road I was told about.

Jx

We thought so but EA doesn't help at all. He don't think the area had such problem. I contacted the council this morning to check whether they hold any records about the properties suffered from subsidence in the past. They requested me to send email first then they will have a look. I did but not sure how long it takes for response.

There's no forest nearby, just a small brook close to the back garden, will it cause problems?

hazyjo

Don't ask the EA you're buying through. Of course he wouldn't admit to anything - he works for the seller, and he wants a sale/commission! Try another couple...

I had a river behind one house I bought. It looked like a brook - tiny, in fact! Still affected me badly with insurance, but that was more 'flood risk' (high risk, apparently, despite having never flooded) than subsidence. I should suspect that subsidence would be a higher risk cos of wet ground nearby, but am certainly no expert!

Jx

gogo2013

hazyjo wrote: »

Don't ask the EA you're buying through. Of course he wouldn't admit to anything - he works for the seller, and he wants a sale/commission! Try another couple...

I had a river behind one house I bought. It looked like a brook - tiny, in fact! Still affected me badly with insurance, but that was more 'flood risk' (high risk, apparently, despite having never flooded) than subsidence. I should suspect that subsidence would be a higher risk cos of wet ground nearby, but am certainly no expert!

Jx

Now I am relying on council's reply. I asked 2 neighbours about the subsidence and flooding.They both don't have such a problem.

hazyjo, yes, the brook already causes over half of insurance company won't give a quote. Now plus the subsidence, what the chance I have:(