New leasehold flat could have subsidence should I sell up or wait?

Ninasimone

Just bought a leasehold flat - Victorian conversion.The survey carried out a few months ago (due to delays with conveyancing) showed evidence of historic movement but not ongoing. I took the gamble and bought it anyway. Management company said in passing that a couple of flats are having trouble with floors sloping. I'm scared it might be further movement meaning subsidence. They are asking a builder round but not a structural surveyor yet. Should I sell up while I have the chance? Or wait to find out the result? If it is subsidence will I be stuck with a flat I can only sell at a loss?

Any advice welcome - I now know I did the wrong thing ignoring survey result identifying historic movement, so would appreciate thoughts on how to move forward.

Hoploz

You haven't done the wrong thing - if it is historic then it means it should be ok.

Perhaps the surveyor picked up the same slopes as your neighbours but has decided it is historic movement, and theirs is too.

Do your floors slope? Is there evidence showing that it is ongoing? I guess not or your surveyor would have seen it.

Why are you considering selling? How long did you plan to own it for? You shouldn't make any rash decisions you might regret. Is it your home? If so you'll need to find something else. How easy will that be? Have prices risen, so you would end up paying thousands more on a place or buying one you don't like as much? Just relax and enjoy your new home I would say. And keep an ear open for any further developments. What sort of survey did you have? Your results may be useful for the management company to see, if it was a proper building survey - part of the survey would have involved assessing the building as a whole.

££sc££

Isn't subsidence usually covered by buildings insurance?

eddddy

It could simply be that there was historic subsidence, so the sloping came about many years ago, but the leaseholders have just recently decided they want the floors levelled off.

Annie1960

Sounds to me like there's nothing to worry about. Many properties have historic movement, so as long as you know it's not ongoing then it shouldn't be a problem.

The houses I have just sold and bought both had survey results stating they had historic movement. No problem with either, as it's not ongoing.

Ninasimone

Thanks all. my floors slope too but at the time of the survey, surveyor said it was nothing out of the ordinary for the age of the building. My worry is that the other owners reported issues with floors after I'd had my survey done, so I'm not sure if this is new movement. I've had a good look at all the brickwork and flagged up a couple of cracks to the management company. They are being slow about exploring the issue and keep saying they will provide a date for the survey. Not knowing whether this is a minor or major issue makes it all the worse.

eddddy

Ninasimone wrote: »

...
They are being slow about exploring the issue and keep saying they will provide a date for the survey. Not knowing whether this is a minor or major issue makes it all the worse.

It will not be a quick process to determine whether the building is actively subsiding.

If the surveyor suspects it is subsiding, they will probably attach tell-tale crack monitors - like the one below - and inspect them over a period of months, to see if the cracks are getting bigger.

Ninasimone

*UPDATE* Building surveyor said there's no current movement, but obv historical movement. Suggested I monitor the situation in the future. HOWEVER speaking to neighbour and surveyor it's become clear that the previous managing agent (new company took over 6 months ago), didn't share all the files about the property. Works have been done to repoint a lot of brickwork at back and side of building but none of it was recorded on file. My property manager is still waiting for the rest to arrive. Surveyor doesnt think the building has been underpinned but I'm now wondering what the files hold. In terms of resale now and in future, no knowledge is better than evidence there was subsidence. Still not sure whether to sell up now, or just leave it and see what the future (and property files) hold confused.

Fraise

I think you're panicking a little.

Lots of properties have historical subsidence, and it often sounds worse than it is.

If you do get subsidence, which doesn't happen overnight, you'll need it underpinned. Your buildings insurance should cover that, so it shouldn't cost you anything, anyway. As it happens, underpinning often isn't as expensive as you'd imagine, so even if you were all having to split the bill it shouldn't be an enormous amount.

Why don't you talk to the others and arrange a surveyor to inspect it? At least you'll know the exact situation.

Ninasimone

Agree I am panicking! The surveyor said the building isn't showing signs of movement but I should monitor it. He said he'd recommend some works e.g. new window sill and repair to lintels.

Not sure whether selling up now is the best Decision in the long term. If I keep the flat I will build up equity that could be lost if any more major works relate to subsidence (e.g. dreaded underpinning). However, the building might be fine for the next few years that I intend to keep it. I need a crystal ball...