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How does subsidence or under-pining affect the price of a flat/property in London?
mingster
Posts: 2 Newbie
Hi all,
i have been looking to purchase a garden flat in London. Like a lot of terraces in London there is a TPO tree that is 2-5 metres from the flat. It now seems that these is subsidence due to the tree. It seems the vendor may be pretending its not there for the stigma - making a claim for subsidence on your insurance policy increases your premiums and if you underpin it to fix the problem you have to declare it to a purchaser and it leads to higher insurance premiums and a lower resale price. Underpinning doesn't seem that expensive but i am concerned that if i do it it will affect my ability to resell the property or get a good resale in the future. Given how many victorian terraces there are in London in close vicinity to trees, is an underpinned property affect the value when you come to resell in London? Is it a catch 22, you fix a historic terrace and stop it being from damaged by subsidence, but you pay the price for it.
i have been looking to purchase a garden flat in London. Like a lot of terraces in London there is a TPO tree that is 2-5 metres from the flat. It now seems that these is subsidence due to the tree. It seems the vendor may be pretending its not there for the stigma - making a claim for subsidence on your insurance policy increases your premiums and if you underpin it to fix the problem you have to declare it to a purchaser and it leads to higher insurance premiums and a lower resale price. Underpinning doesn't seem that expensive but i am concerned that if i do it it will affect my ability to resell the property or get a good resale in the future. Given how many victorian terraces there are in London in close vicinity to trees, is an underpinned property affect the value when you come to resell in London? Is it a catch 22, you fix a historic terrace and stop it being from damaged by subsidence, but you pay the price for it.
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Ha! Excuse grammar and typos.0
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I got a full asking price on my victorian terrace that was underpinned 25 years ago. I will let you know whether the buyer tries to reduce the price......we are in the early stages. It hasn't affected my insurance premiums. I had to stay with the same insurers for a number of years but it was never overly expensive and after a while i could switch insurers. There is a slightly increased excess for any claims for subsidence, but in my view having now been underpinned it's unlikely to subside again.....mingster said:Hi all,
i have been looking to purchase a garden flat in London. Like a lot of terraces in London there is a TPO tree that is 2-5 metres from the flat. It now seems that these is subsidence due to the tree. It seems the vendor may be pretending its not there for the stigma - making a claim for subsidence on your insurance policy increases your premiums and if you underpin it to fix the problem you have to declare it to a purchaser and it leads to higher insurance premiums and a lower resale price. Underpinning doesn't seem that expensive but i am concerned that if i do it it will affect my ability to resell the property or get a good resale in the future. Given how many victorian terraces there are in London in close vicinity to trees, is an underpinned property affect the value when you come to resell in London? Is it a catch 22, you fix a historic terrace and stop it being from damaged by subsidence, but you pay the price for it.0 -
I meant to say i got a full asking price offer on my victorian terrace. However, when i bought it the underpinning had already been done. I wouldn't buy and have to do it myself. How on earth can the vendor pretend it's not there? Has the survey definitely said there is subsidence?0
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