Subsidence Advice

westernpromise

Tuscan9 wrote: »

Westernpromise, I wasn't aware swapping insurers like this could be an issue. Would it not just be the case that the current insurer would have to fork out?

You'd think so, wouldn't you? I had a colleague who got that response. They also claimed it was heave, not subsidence (heave is the opposite, essentially). So you are potentially at risk of being taken prisoner by an insurer who you can't leave.

Seanymph

I have bought two houses with subsidence.

One genuinely was, it had an old drainage ditch along one wall it was built onto, had tiebars and stabilising and extortionate insurance.
(I bought it anyway though - and sold it too!) - but we had a surveyors all clear after the work was completed under the previous owners insurance.

Our current one had floor disintegration (I'm not sure I'd have even called it subsidence!) - the concrete broke down after it was built - raised floors put in part of the house, certificates of fineness, and no trouble insuring.

Some people will mind, some won't.

If you think it's cured, and it's a house you want, then buy it. If you have doubts that it was permanently fixed, then walk on.

Tuscan9

Seanymph wrote: »

I have bought two houses with subsidence.

One genuinely was, it had an old drainage ditch along one wall it was built onto, had tiebars and stabilising and extortionate insurance.
(I bought it anyway though - and sold it too!) - but we had a surveyors all clear after the work was completed under the previous owners insurance.

Our current one had floor disintegration (I'm not sure I'd have even called it subsidence!) - the concrete broke down after it was built - raised floors put in part of the house, certificates of fineness, and no trouble insuring.

Some people will mind, some won't.

If you think it's cured, and it's a house you want, then buy it. If you have doubts that it was permanently fixed, then walk on.

The extortionate insurance is the bit that's bothering me, both for ongoing costs and trying to persuade future buyers. We're getting quoted around £200 more than normal insurance, does this sound about right?

Arklight

Sounds about right.

dc197

Like I said, your premiums will be high until the time since the incident passes 10, 15, 20 years (varies by underwriter). Once the milestone passes, several insurers will take you on at standard terms.
For the sake of argument, say that it's 15 years before insurers revert. That's 6 years at an extra 200. 1200 total. If you love the house then you should swallow this, or if you are hardball negotiate this off asking.
Good luck.

frugalsmurf

We've just pulled out of a house sale with subsidence (we didn't know till we were almost at exchange)

Our worries were the insurance too ...As our quotes were tripple normal prices and really high excesses.
You mentioned all but admiral were expensive...what if admiral won't cover next year so you have to go with the expensive companies?

We were concerned about resale as you don't want a house which you can't sell (the house we pulled out of had sold a few times but buyers pulled out...we weren't told why and believed their explanations)

Even if you got it cheaper, would you then be in that position when you sold?

Some people aren't bothered (some thought we were mad to walk away from our dream home after spending money on searches etc) but I didn't want to risk so much money.

Tuscan9

dc197 wrote: »

Like I said, your premiums will be high until the time since the incident passes 10, 15, 20 years (varies by underwriter). Once the milestone passes, several insurers will take you on at standard terms.
For the sake of argument, say that it's 15 years before insurers revert. That's 6 years at an extra 200. 1200 total. If you love the house then you should swallow this, or if you are hardball negotiate this off asking.
Good luck.

After phoning round about 10 insurance companies last night, this certainly seemed to be the case. In a year it will be 10 years since the subsidence, so we'll have many more options after getting an engineer to declare there's no ongoing issue... Definitely something to consider.

frugalsmurf wrote: »

We've just pulled out of a house sale with subsidence (we didn't know till we were almost at exchange)

Our worries were the insurance too ...As our quotes were tripple normal prices and really high excesses.
You mentioned all but admiral were expensive...what if admiral won't cover next year so you have to go with the expensive companies?

We were concerned about resale as you don't want a house which you can't sell (the house we pulled out of had sold a few times but buyers pulled out...we weren't told why and believed their explanations)

Even if you got it cheaper, would you then be in that position when you sold?

Some people aren't bothered (some thought we were mad to walk away from our dream home after spending money on searches etc) but I didn't want to risk so much money.

Sorry to hear that, was it the main house that suffered from subsidence or an extension? A sale fell through 18 months ago and we guess this is the reason why. I completely understand why you walked away. For us it's 60/40 more likely to walk away, but the fact the house is in a nice area in which not many people sell is keeping us interested.

frugalsmurf

Tuscan9 wrote: »

After phoning round about 10 insurance companies last night, this certainly seemed to be the case. In a year it will be 10 years since the subsidence, so we'll have many more options after getting an engineer to declare there's no ongoing issue... Definitely something to consider.



Sorry to hear that, was it the main house that suffered from subsidence or an extension? A sale fell through 18 months ago and we guess this is the reason why. I completely understand why you walked away. For us it's 60/40 more likely to walk away, but the fact the house is in a nice area in which not many people sell is keeping us interested.

It was an extension and it wasn't 100% guaranteed not to happen again hence why we left it.

I think if it's been fixed, and you can afford the extra insurance and you are totally aware of the implications for future sales then you are in a good position as you aren't going in blind.

For us, there was no way we'd risk it as it was on going and we have had such bad luck recently .