Urgent purchase with subsience .Pull out or stay

mailsmsi

I am in the process of buying a property.
Mortgage approved .
From sellers form ,claim for insurance subsience has made more than SIX years ago.

I saw there is a guarantee.

the xxx system for ground stabilisation was applied to approximately 3 linear meters to internal spinal wall at the above property dated .....2010.

Also from Certificate of Structural Adequacy
Damege took the from of tapering diagonal cracks plus sloping floors.
Cause by subsidence due to consolidation of the subsoil

Nothing comes on home buyers report and mortgage valuation from another lender.

Stay or pull out?

SavingSteve

I'd suggest posting this in house/buying selling for more replies. Was this not advised to you upfront in the sale particulars? I'd challenge the Estate agent on this and lower your offer. If the underpinning has been done well it will be in a good (maybe better than others) state, as they'll hold the house up better than standard foundations. But you will be stuck with VERY expensive buildings insurance for life, and makes it harder to sell as many are scared away.

mailsmsi

Thanks for the reply. this has happen 2010 .

So I am safe for insurance. I edit original post




In the last 15 years has the property insured (including its outbuildings)
been:
• affected by subsidence, heave, landslip or structural movement?
• underpinned or provided with any other structural support?

SavingSteve

First - are you sure the Buildings Insurers are only interested in last 15 years? Which Insurer is this? All insurers I have ever come across want to know of ANY history of subsidence.

Second - the claim was more than 15 years ago, but the underpinning was dated 2010? 6 years ago? That does not make sense.

Third - if you have managed to find an insurer that is only interested in the last 15 years then the 2010 work WOULD be relevant.

Go into this eyes wide open. An underpinned property can be fine, but you will want to make sure you have Insurance, and the insurance will be costly (over £1,000 for sure)

mailsmsi

This is my mistake. Claim is six years ago.

BIG MISTAKE.

amnblog

Speak to the provider of your Homebuyer Report.


If there has been subsequent movement they should have picked it up. If they have missed a continuing problem you should be able to claim against their indemnity insurance.


To be sure, get a structural engineers report.

mailsmsi

Halifax will cover premium 150 per year.

I spoke over the phone. They said if it is six years ago no problem . But if it is six month , they will not insurance it

https://static.halifax.co.uk/assets/pdf/insurance/pdf/hx-hap-policy-summary-latest.pdf

nubbins

There has been many similar threads

https://forums.moneysavingexpert.com/discussion/5466931
https://forums.moneysavingexpert.com/discussion/5259402
https://forums.moneysavingexpert.com/discussion/5485169
https://forums.moneysavingexpert.com/discussion/5478299

ANGLICANPAT

mailsmsi wrote: »

Halifax will cover premium 150 per year.

I spoke over the phone. They said if it is six years ago no problem . But if it is six month , they will not insurance it

https://static.halifax.co.uk/assets/pdf/insurance/pdf/hx-hap-policy-summary-latest.pdf

Be VERY cautious believing what insurers say to you on the phone. If you have told Halifax , as you must do, that the property in question had any kind of subsidence , underpinned or not, 6 years ago , and they have told you that they will still cover you at all, never mind fully as per the standard policy summary youve posted, for £150 then Id be thinking that there had been a breakdown in communications .
Having struggled in the past to get any kind of cover from a mainstream high st provider for a property where only the garage had had cracks filled probably over 15yrs previously - this sounds far too good to be true .
Get it in writing from them - you could end up getting stuck with a house you will have trouble insuring .

dc197

SavingSteve wrote: »

But you will be stuck with VERY expensive buildings insurance for life

SavingSteve wrote: »

First - are you sure the Buildings Insurers are only interested in last 15 years? Which Insurer is this? All insurers I have ever come across want to know of ANY history of subsidence.

Loads of insurers will insure a house with historical subsidence, so long as nothing is on going and the issue occurred more than X years ago.
X varies - often 15 or 20.

So premiums will be higher until X years have passed.

If the OP has found an insurer where X=6, then good for him.




OP, you are lucky that you have all the paperwork to show what was done, by whom and when, plus the certificate. Not every house has this.
There should have been another survey 1/2/3 years after the work to confirm it was successful - this document is more valuable than the others. Obtain this.

mailsmsi

I spoke over the phone two team members of Halifax. They give the same answer . I found the quote from comparison site go compare .com

Later I spoke them over the phone . I tell them my concern about Subsidence problem.

I know my insurance price is say little extra but reasonable like 60 pound more yearly similar property without Subsidence