Subsidence / Stettlement and Selling Houses

Davesnave

Bagelpeter wrote: »

Thanks for the replies

Another factor which complicates things is that there is a huge Ash tree about 5 meters from my property. The tree is protected by the council and so can't be removed. The settlement was found to NOT be due to the tree but I suspect people will still think it is likely to be and this is just something else to put them off.

I suppose all we can do is put it up for sale and see what happens. I just think if it was me, even though the house is lovely inside, I would only buy this house if it was about £50k less than I thought it should be due to the settlement and tree.

The tree will probably not be alive in 5 years time, because about 98% of ash trees will be dead or dying by then, thanks to Chalara fraxinea, a disease which has spread from Europe.

Unfortunately, if you are on clay soil, that might mean the ground will heave as it re-balances, when the moisture formerly removed by the tree remains in the ground. Otherwise, your house may well be fine.

A surveyor with local experience would be able to give an opinion on that.

Windsorcastle

Bagelpeter wrote: »

Hi Windsorcastle

I've just spent a while going through all my paperwork and the report actually says that it is subsidence caused by consolidation / settlement of made ground under the property as it was built on the site of a small former quarry.

I think that's good advice to let the agents do the viewings and not mention until a later date.

Did your subsidence claim affect the valuation of your property and / or did the person who made the offer try to get a discount when they found out? I'm thinking to put it up for sale at the price you'd expect with no claim with a view to being bargained down? I guess the alternative is to put it up at a cheaper price and tell people about it straight away to take away that uncertainty down the line.

I hope your sale goes through, it must be stressful for you, crossed fingers!

Hi Bagelpeter, no, I stuck to an average of the 3 EAs valuations I got, none of whom knew about the subsidence. So I didn't go for top whack, but still a figure I was happy with. The offers I received were slightly lower as is the norm. I did tell the potential buyers about the insurance claim once they had made their offers though, and my buyer has never tried to get a price reduction because of it. (Touch wood, anyway...) I think the most important thing is to be honest as I have said - if you play a straight bat to your buyers, they should be OK. It's when people feel they've been misled and uncover things down the line that they get really upset and start demanding money off.

I'm hoping and praying to exchange today and I'll let you know if I do. Thanks for your kind wishes. Windsor

Bagelpeter

Hi Davesnave. That's interesting about the Ash tree, although it may make the council even less likely to consider allowing us to remove it in case it's one of the 2% that survive!! Apparently the soil is is not clay which is why the tree was not implicated in the cracks.

Windsor, useful to hear your story. I think I've got myself thinking that nobody will buy it. I even contacted some of these quick house buying companies and some of them wouldn't even make an offer! The ones that did were of course really low. So that has made me feel a bit doom and gloom about it all but most houses have something wrong with them so as you say I just need to keep calm, be honest but quitenon nonchalent about it and see what happens. With two young children I particularly didn't want to be in a situation where we're packed ready to go then the buyer pulls out, but this could happen with selling any house I suppose.

Here's hoping yours goes through today!!

Windsorcastle

Bagelpeter wrote: »

Windsor, useful to hear your story. I think I've got myself thinking that nobody will buy it. I even contacted some of these quick house buying companies and some of them wouldn't even make an offer! The ones that did were of course really low. So that has made me feel a bit doom and gloom about it all but most houses have something wrong with them so as you say I just need to keep calm, be honest but quitenon nonchalent about it and see what happens. With two young children I particularly didn't want to be in a situation where we're packed ready to go then the buyer pulls out, but this could happen with selling any house I suppose.

Here's hoping yours goes through today!!

Thanks Bagel! I'm watching the seconds ticking away on the clock today as I wait! I will let you know if it works out, and hopefully you can take some heart from knowing that it's not all doom and gloom, even when you think you've got a huge turkey on your hands! I know exactly how you feel...

Windsorcastle

Dave_the_Ginger_Cat wrote: »

I would expect that the works did cost more than £1k in total, as there will have to have been some structural engineers/surveyors involved as well as the works itself which does not come cheap

I'm sure Dave is right - I was staggered to find out that my insurance claim totalled over £7000 for what was a minor claim - 4 days spent filling and making good cracks, and then plastering and redecoration on top. Plus these contractors who work for insurers charge them premium rates by default.

Having said that, I now wish I had just borrowed the extra £7000 to fix the problem myself so as not to have the nightmare of the insurance claim haunting me now!

Bagelpeter

Hi Windsor, did your exchange go through yesterday?

Windsorcastle

Bagelpeter wrote: »

Hi Windsor, did your exchange go through yesterday?

Hi Bagel, NO!! :mad: The poor buyer and the EA spent the whole day trying to get hold of the buyer's solicitor but he didn't return any of their calls or emails. I don't care how busy a solicitor is, that is downright rude and unforgivable at this stage! I have raised my hopes so many times over the past few weeks, only to be disappointed, that I just tried to relax today, but it's so frustrating knowing that I can't do anything now until Tuesday.

Having said all that, I did today receive the transfer of deeds form to sign and return in preparation for completion, so I hang onto every morsel of hope! I also saw email from the buyer's solicitor to mind saying he has already requested the funds from the lender to be ready for next Friday. My understanding was that once funds were drawn down, the buyer is liable for the interest, etc, so presumably this means he really is preparing for completion on Friday, but who knows? He is a total clown.

It's nerve-jangling! Hopefully I'll have something more positive to report by end of Tuesday. Thanks for asking!

Bagelpeter

Oh no!! That is so rude and annoying!! I don't know how people get away with being so rubbish at their jobs! On the other hand, it's really positive that the buyer was chasing too and the funds have been requested so obviously keen to get everything sorted. These things seem to just go on and on though don't they....You will soon be relaxing properly in your new home hopefully