We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buying a property- should I walk away?
Mindy1
Posts: 1 Newbie
Hi,
I am currently in the process of buying a property and not sure if I should walk away or if the problems are trivial.
I had a mortgage valuation on a property (intending to get a private survey). This survey picked up there was cracking in the render and recommended a structural survey to confirm it wasn't subsidence etc. This was completed and the report states that on the whole it was believed to be superficial and a decoration need rather than subsidence. The report recommended a drain survey as a precaution which I am having done in the next week or so.
Following the survey the mortgage company were happy but unbeknown to me tried to take out buildings insurance based on the report which was declined (due to the report stating I should take out a drain report). They have stated I have to stay with the current insurance, again not a problem as its leasehold so insurance is already in place. They only told me this once I queried the odd clause.
I know the drain survey will help to solve any further concerns I may have. However my issue regardless of this is that a clause in the mortgage offer states that my solicitor needs to inform the current insurer that the property has potential subsidence issues and confirm they are willing to continue insurance. The mortgage company is unaware I am taking a drain report (and didn't ask me to). I feel this is unfair as (as far as I can make sense) there isn't an issue and its superficial. I also think it's not fair as the current insurance may be cancelled if they think there is a claim, which is then going to cause problems for the existing owners.
The lender has told me I now need to declare on any contents insurance etc that subsidence was suspected and further investigation was needed. However I can't see how this is right (unless I am completely blind). I feel this has only happened because I didn't pay for a survey through the lender and therefore they requested the investigation to clear up the matter. I had a free mortgage valuation through the lender.
Drain survey aside, I feel like a can of worms has been opened that is going to give me a nightmare in the future with insurance
Any advice?
I am currently in the process of buying a property and not sure if I should walk away or if the problems are trivial.
I had a mortgage valuation on a property (intending to get a private survey). This survey picked up there was cracking in the render and recommended a structural survey to confirm it wasn't subsidence etc. This was completed and the report states that on the whole it was believed to be superficial and a decoration need rather than subsidence. The report recommended a drain survey as a precaution which I am having done in the next week or so.
Following the survey the mortgage company were happy but unbeknown to me tried to take out buildings insurance based on the report which was declined (due to the report stating I should take out a drain report). They have stated I have to stay with the current insurance, again not a problem as its leasehold so insurance is already in place. They only told me this once I queried the odd clause.
I know the drain survey will help to solve any further concerns I may have. However my issue regardless of this is that a clause in the mortgage offer states that my solicitor needs to inform the current insurer that the property has potential subsidence issues and confirm they are willing to continue insurance. The mortgage company is unaware I am taking a drain report (and didn't ask me to). I feel this is unfair as (as far as I can make sense) there isn't an issue and its superficial. I also think it's not fair as the current insurance may be cancelled if they think there is a claim, which is then going to cause problems for the existing owners.
The lender has told me I now need to declare on any contents insurance etc that subsidence was suspected and further investigation was needed. However I can't see how this is right (unless I am completely blind). I feel this has only happened because I didn't pay for a survey through the lender and therefore they requested the investigation to clear up the matter. I had a free mortgage valuation through the lender.
Drain survey aside, I feel like a can of worms has been opened that is going to give me a nightmare in the future with insurance
Any advice?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards