Buying an underpinned house

eddddy

warehouse wrote: »

When it comes to selling in the distant future are you going to have the same issue with people buying your house? That would be my concern.

Every house has it's price.

Perhaps the price of a house with a subsidence history is slightly lower than one without - so you should expect to buy for less and eventually sell for less.

To take a slightly exaggerated example, if you have a budget of £X - you might have the choice of...

1) A 3 bed house (with no issues)
2) A 4 bed house with a historic subsidence claim

Some people will choose 1 because they believe it's lower risk, others will choose 2 because they want more house for their money.

Davesnave

Madmel wrote: »

They built a huge flood relief system after the 1960s floods and apparently things have been ok since. Last Monday, there was loads of rain in the area and from the photos I saw, the flood relief did its job.

There were more severe floods in 2012, so if it didn't flood then, when the River Exe was at extreme levels for a prolonged period, it probably won't.

Much of the recent flooding in Exeter was flash, surface water stuff, probably exacerbated by lots of leaves in drains etc. Yes, the Exe came out at Cowley and washed out the railway line (again! :doh:) but it wasn't at the levels of a few years ago.

Jenniefour

Friend who bought a house that had been underpinned simply asked vendors who their insurers were and went with same insurers. No problems at all.

But it's not clear that the current owners of the property you're interested in have their buildings insurance on the clear understanding that underpinning has taken place.

ladidadi

Jenniefour wrote: »

Friend who bought a house that had been underpinned simply asked vendors who their insurers were and went with same insurers. No problems at all.

But it's not clear that the current owners of the property you're interested in have their buildings insurance on the clear understanding that underpinning has taken place.

Yep vendors say they didn't know so I doubt we can continue the exiting insurance because we now know it's been underpinned.

Seanymph

I have had a house that suffered subsidence - it also had flooded cellars in the winter.

It got insured - I seem to recall I had limited options because it was a great two star listed pile of bricks that only specialists would touch without it threatening to fall into a filled in canal that ran along one wall!

My current 1970's bungalow has a history of subsidence - which isn't, the floors were incorrectly poured, so broke up, and forty years ago in their wisdom the owners allowed them to put raised flooring through most of the building to cover it up - but it's signed off by an insurers engineer, and no insurance company cares.

I suspect from your description your insurers response will be much closer to my present house. You can explain exactly what it was, it was rectified, and someone else is underwriting any future risk by declaring it sorted.

I sold the first house - despite the history and insurance costs - and I have no doubt will sell this one in due course.

If you like the house what you are describing wouldn't bother me a jot.

ladidadi

Thanks all for sharing your thoughts and insight, this has been very helpful.

The flooding risk remains although as pointed out, due to the flood defenses the risk should now be lower.

It's now become clear that the house is only partially underpinned as suspected - it was just the rear tenement.

Looking at the poll it seems a significant percentage of people would expect to pay less for an underpinned house. I'd be grateful if you could share what sort of a discount you'd expect? The house is worth close to £210k.

Davesnave

ladidadi wrote: »

Looking at the poll it seems a significant percentage of people would expect to pay less for an underpinned house. I'd be grateful if you could share what sort of a discount you'd expect? The house is worth close to £210k.

Difficult. My only experience is via my daughter, who bought a few years ago in an area which was normally out of her reach. The cheapest comparables were around £175- £180k and she picked hers up for £145k.

But....although it was then structurally good, re-roofed and with newish CH, the house needed about £7k of immediate work to make it comfortable. Previous grant-assisted work didn't cover kitchen or bathroom. A fair price with those upgraded would have been about £150 - £155k

ladidadi

Davesnave wrote: »

Difficult. My only experience is via my daughter, who bought a few years ago in an area which was normally out of her reach. The cheapest comparables were around £175- £180k and she picked hers up for £145k.

But....although it was then structurally good, re-roofed and with newish CH, the house needed about £7k of immediate work to make it comfortable. Previous grant-assisted work didn't cover kitchen or bathroom. A fair price with those upgraded would have been about £150 - £155k

Thanks, much appreciated.

Davesnave

P.S. In case it wasn't clear, I was teasing about St Thomas...


I've lived in much worse places! :rotfl: