Want to move but current house has subsidence

chris_2306

Hello
I started the process of moving house towards the end of last year.  Unfortunately we discovered the house is suffering from subsidence.  We now have an ongoing insurance claim to "fix" the problem but it is taking a long time.  They have removed some bushes and are going to monitor until November to see if movement has stopped.
We are getting quite desperate to move however, especially since we don't know how long this will go on for, and then whether it will be difficult to sell.

Is there a way we can still move?  I have about 40% LTV so was considering releasing some equity to buy our 2nd home whilst the repairs are ongoing (We can afford the extra stamp duty assuming we do sell and get it back).  However I don't think the bank are likely to let us remortgage on a house with subsidence.  I am almost at the point to considering taking a loss and considering a "we buy any house" scheme.

Any advice would be appreciated.

greatcrested

'some bushes?

Are you/they sure there's subsidence....?

Having said that my current house (been here 20+ years) had a beautiful wisteria that had grown right over the roof and down the other side and was pulling the gable end away. Killed the wisteria; re-pointed the crack; 20 years on and no issue.

Yes it will be more difficult - many people run a mile at the mere sound of the word.

You'll need to discount the price to attract buyers.

You may need cash buyers if lenders are unwilling to lend, or at least borrowers with a low LTV ie borrowing 70% or less.

Or consider an auction.

chris_2306

Yes the subsidence is confirmed.  I got a survey done before starting the insurance claim and then the insurer also got a survey.
At first they thought it was a drainage issue but after have checked they were all fine they have said it is probably due to 2 Camelia bushes my neighbour has quite close to my wall.  They have removed them now and are taking readings every 2 months of the wall to see if the movement has stopped.

lincroft1710

Your home may at present be virtually unsaleable. Or the market price, given there is a outstanding  subsidence issue, may be little more than plot value. My advice would be that however much you want to move, you hang fire until the subsidence issue has been properly attended to

RelievedSheff

Removing bushes wouldn't cure subsidence.

Bushes and trees cause heave not subsidence. This is where clay based ground dries out as trees and bushes take the moisture from the ground, then when it rehydrates after wet weather the soil swells and heaves potentially damaging foundations. .