New house had subsidence

rca779

Just fond out that the house I am buying had subsidence back in 1980.

The house is vacant as the lady owner died last year. It is being sold by her sons.

Unfortunately they don't know any more information other than it had subsidence in 1980 and was fixed.

What should I do next?
We had a home buyers survey that did not pick up any subsidence problems.
However speaking to one insurance company they wanted to know what caused the subsidence and whether the house was under-pinned? At the moment we don't have this information and it doesn't look like we are going to get it.

Any advice?

Dave_the_Ginger_Cat

It apepars to be good that there is no longer evidence of movement.

Your lender may be OK with this as the survey was OK, but your insurer are less likely. Talk to them again, and ask what evidence they'd want. I'm a lender, not an insurer, and personally I'd want a fresh structural egngineer's report

witchy1066

you need to get a full structural survey done , not a homebuyers

I_have_spoken

Use this to further reduce the offer price

Windsorcastle

The previous owner's insurer should continue to offer cover - this is how it works with properties with a subsidence or other 'tricky' history. Hopefully the family members must have some documents showing who the old lady's insurance was with?

dacouch

Windsorcastle wrote: »

The previous owner's insurer should continue to offer cover - this is how it works with properties with a subsidence or other 'tricky' history. Hopefully the family members must have some documents showing who the old lady's insurance was with?

Typically with probate properties the executors allow the policy to lapse and either don't bother taking cover or take out an unoccupied policy with a different insurer.

In the above circumstances, the chances of persuading the old Insurer who paid out the subsidence claim are incredibly slim

suebfg

How did you find out it had subsidence if not picked up on the survey? just interested that's all

ruggedtoast

rca779 wrote: »

Just fond out that the house I am buying had subsidence back in 1980.

The house is vacant as the lady owner died last year. It is being sold by her sons.

Unfortunately they don't know any more information other than it had subsidence in 1980 and was fixed.

What should I do next?
We had a home buyers survey that did not pick up any subsidence problems.
However speaking to one insurance company they wanted to know what caused the subsidence and whether the house was under-pinned? At the moment we don't have this information and it doesn't look like we are going to get it.

Any advice?

rca779

suebfg wrote: »

How did you find out it had subsidence if not picked up on the survey? just interested that's all

My solicitor simply asked the question whether or not the house had ever suffered from subsidence.

rca779

As we are close to exchanging, can I use this as a reason to reduce my offer?

I was going to quote the extra insurance premiums, possible future trouble and difficulty when it comes to reselling?

My offer was already the full asking price of £445k?
Should I change this to say £430 or £435?

Thoughts please.

Lord_Baltimore

I wouldn't spend that much without the full structural survey because subsidence has been mentioned. In fact, I may even walk away. For that money, you can buy a home without potential problems.