Auction Property - in a big mess :cry:

frustrated_jayne

G_M wrote: »

I think your options have been laid out.

If you have the money (ie don't need a mortgage), and since

the best option is to do that.

If you shop around a specialist broker, you might find insurance (though probably excluding damage from subsidence). Otherwise, well, insurance is optional - jusy be extra careful with candles & put in a burglar alarm!

I have managed to insure the property with Triton. He did not ask about any prev subsidence, though! I assume standard insurance covers subsidence as well. All I can say is the seller hasn't previously made any claims.

Yes, we shall be careful ... will get the structural repairs done before anything else. The neighbours have the same problem. they have lived there since the houses were built.. ie 1960's. I have spoken to the sweet couple who have told me there were problems before but everything has settled now.
The neighboring bungalow had similar issues and has been sold + demolished and rebuilt upon. but I have bought a 3 bed semi I dont think I will have any similar options tbh!

The area has a high water table, risk of flooding from surface water (never flooded before) there was a lot of interest on the property before and during the auction. it went up to 255k and the our bid was 256k. That was our only bid and we are in this mess.. I guess this is the risk of an auction!

frustrated_jayne

Apologies, but I didnt intend to blame anyone... just that I am in a mess.....

Doozergirl

It's not the end of the world, Jayne. The problem will likely cost less to solve than forfeiting the sale.

It was a bit of a financial mistake. Hopefully you got a good price and you were bidding against people who could see the problems - it's likely.

Try not to worry. I don't think your new insurers will cover the problem, but subsidence isn't quite as scary as it sounds. It's a challenge, but no one died.

G_M

frustrated_jayne wrote: »

I have managed to insure the property with Triton. He did not ask about any prev subsidence, though! I assume standard insurance covers subsidence as well.

Check the small print on both your application, and on the policy.

There may be an obligation to 'inform them of any material facts' - a cach-all that means if you don't tell them, even if they don't specifically ask, your cover can be invalidated.

Or there may be a list of 'assumptions' eg
* the property is constructed of brick/slate/tiles etc
* there is no history of subsidence
* etc

again, if the assumptions prove to be untrue, invalid insurance.

I don't want to be overly negative, but having made one mistake, don't compound it with others......

racing_blue

Jayne you have listed the reasons why this is a good purchase. You have bought a house where you want to live- congratulations. Sorting out stuff like historic or even ongoing movement is a small detail. The big thing is that you are not living miles away from where you want to be.

PasturesNew

It's a difficult one, there are ways to get rid of subsidence so it's no longer subsidence, but if it's that house and next door that's unlikely to be an option.

You can either do what you can, stick it back into auction and take your chances.

Do it up and rent it out.

Auction properties are often hiding issues, problems etc. You won't be the first to be caught out, so don't worry ... at least you'll become an expert.

Hoploz

If your plan is to live there long term then go ahead!

Lots of people buy without realising problems exist and have to get them sorted out. Sometimes problems appear during ownership and they need sorting out. That's part of home ownership.

It's bad luck that you didn't have the info when you needed it, but you have come to terms with that! I presume you have the benefit of having paid less than it would have been had it been through an estate agent, so that's in your favour at least.