BTL Subsidence possible?

Craig_Donny

Firstly I live up north, so that's why prices are cheaper. House I have seen (viewing tomorrow) has been listed for 60k, others on that road in the past few years have sold in between 100k - 130k.


When we called to view they told is it had subsidence but had no other information about it, but said the person that shows us around will have all information.


Since I have been reading lots of things online, and there are various opinions.
What id like to know, if its a certain type of subsidence, for example tree roots, and said tree has been removed would this be acceptable? Or would any type?
How likely is it to get a BTL mortgage?


Im in no huge rush, but as an investment its a fantastic price, and if building works, if necessary and reports are not 20k on top, would be well worth it.
thanks in advance

lincroft1710

You need expert advice and a proper in depth survey where there is known subsidence, worst cases can mean the property has to be demolished.

Yorkie1

A listed price at 50% discount suggests significant issues ... as Lincroft suggests, you need a good survey from a structural engineer and to see a certificate of structural adequacy (I think is the name) from when the subsidence was previously treated.

Don't forget that subsidence can reoccur in certain geographical situations (a family friend has had the insurers in 3 times over a couple of decades).

ANGLICANPAT

Years after the 'incident' that caused a tree to be cut down, I would be worried that after all the big roots had finally rotted away, that may lead to more minor subsidence. That happened to my offspring. They are in London where subsidence is rife and buyers are a bit more tolerant of previous subsidence as properties of a certain type near stations, are very much in demand regardless, but if your property doesnt have anything that makes it really desirable , in terms of location for transport/desirable school/ stunning view/ fabulous layout and extras etc ,and being in an area where few properties will similarly be affected, you may find that its hard going when you come to sell. I suppose if you can get a really good rent on it and plan to keep for a long time, that wont matter as much. You may have a problem borrowing if you need a mortgage, and insuring it will cost you considerably more as youll need specialist insurers .