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Historical movement and buildings insurance for house to purchase - what to do
bluescrubs
Posts: 7 Forumite
I've looked through the old threads but can't find anything similar.
We are buying a Victorian terrace from owners who do not have insurance (for religious reasons). Our structural engineer's report reveals some possible historical movement, perhaps requiring wall ties, but states the building is sound and does not require underpinning. It's an area that is prone to subsidence due to London clay. We were going to do the suggested work as part of renovations but as we are renovating anyway wanted it all to happen together.
Our current insurer will not insure and our broker just seemed confused that we couldn't take over the current nonexistent insurance.
We are trying a number of other brokers - really want the house - and getting a quote for the work in the report. Trying to find out if 1) this really affects the value of the property, should we reduce our offer? and 2) if anyone can insure this situation for a semi-reasonable amount of money? Or if this house is a time-bomb.
Would be grateful for any tips.
We are buying a Victorian terrace from owners who do not have insurance (for religious reasons). Our structural engineer's report reveals some possible historical movement, perhaps requiring wall ties, but states the building is sound and does not require underpinning. It's an area that is prone to subsidence due to London clay. We were going to do the suggested work as part of renovations but as we are renovating anyway wanted it all to happen together.
Our current insurer will not insure and our broker just seemed confused that we couldn't take over the current nonexistent insurance.
We are trying a number of other brokers - really want the house - and getting a quote for the work in the report. Trying to find out if 1) this really affects the value of the property, should we reduce our offer? and 2) if anyone can insure this situation for a semi-reasonable amount of money? Or if this house is a time-bomb.
Would be grateful for any tips.
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