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3 cases of subsidence - should I buy?
shhh90
Posts: 3 Newbie
I'm in the process of buying a flat with my husband and we have found out this week there has been claim on the building for subsidence (not affecting our flat specifically, another one on the other side of the building). But, this is not the first time this has happened.
The original problem occurred in 1977 to this flat, and the building was partially underpinned. In 2014 there was a claim made on the insurance for the same flat to fix a problem. My husband and I were aware of these cases whilst sorting out the paperwork and agreed that we were ok with it, as not only did it not affect our specific flat, but we know friends who recently sold a property in the same block, so that wouldn't be an issue when we wanted to do the same.
However this week (the week we are due to exchange), a claim has been put forward for more subsidence for this flat. So now we are in a position where we don't know what to do. We are awaiting full details on this most recent claim on the insurance, but we do know that all the flats have been asked to pay over £100 to help solve it.
Our main issue is that we don't want to be in a position where we will be unable to sell the property, as well as the huge home insurance fees. Our lender is due to be made aware once we know more too (and if I'm honest, they may make the decision for us). But I would love to get advice on whether it's just too risky for us to keep going.
Any advice would be much appreciated.
The original problem occurred in 1977 to this flat, and the building was partially underpinned. In 2014 there was a claim made on the insurance for the same flat to fix a problem. My husband and I were aware of these cases whilst sorting out the paperwork and agreed that we were ok with it, as not only did it not affect our specific flat, but we know friends who recently sold a property in the same block, so that wouldn't be an issue when we wanted to do the same.
However this week (the week we are due to exchange), a claim has been put forward for more subsidence for this flat. So now we are in a position where we don't know what to do. We are awaiting full details on this most recent claim on the insurance, but we do know that all the flats have been asked to pay over £100 to help solve it.
Our main issue is that we don't want to be in a position where we will be unable to sell the property, as well as the huge home insurance fees. Our lender is due to be made aware once we know more too (and if I'm honest, they may make the decision for us). But I would love to get advice on whether it's just too risky for us to keep going.
Any advice would be much appreciated.
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Comments
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Don't walk - Run!!I am not a cat (But my friend is)0
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It would put me off especially as building is still unstable.0
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Subsidence on a house is one thing. On a flat I don't even want to think about the potential costs and complexity. Walk away even if it's through a snowstorm.0
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If the claims are all for the same flat is it possible that its stable but some of the necessary remedial work wasn't done previously because it was unknown?0
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As soon as I read the title of this thread I got that sinking feeling.0
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Run. Fast.
I'm surprised it's mortgageable to be honest.0 -
Err no subsidence has always been a no no0
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