Subsidence & Insurance (leashold)

cattie

Grut wrote: »

Thank you. Since it’s been 20 years since the remedial work was performed, I feel that maybe the “hit” would not be as painful as it could be if the underpinning was done a year ago.

May i ask you what kind of hit you took? Also were you aware of these issues before buying?

The problem is that such remedial work will always have to be divulged to any potential buyer & no matter how long ago it was, some potential buyers will be frightend off. A lowering of market price is often the only way to achieve a sale.

Yes I did know of the remedial work beforehand. I'd made my offer to buy after the price was reduced & it was then that the structural works that were done were revealed to me.

For me I was downsizing & didn't want to lose the flat I desperately wanted to buy, so accepting a lower price wasn't the financial disaster it might have been. I accepted an offer of approx 10% less than comparible properties were actually achieving & had been upfront with my buyer regarding the history of the house & gave her copies of all the documentation relating to it so she could be fully informed.

Grut

Thank you. 10% seems the standard but I am convinced that the current owner will not accept that kind of revised offer ( a 10% hit on a 200k house isn’t as painful as a 10% hit on a 900k property)...