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Subsidence and underpinning impact on house price
CADL
Posts: 3 Newbie
Hi!
I'm currently in the process of buying a flat (part of 1900's house in London) and we found out that "Building control was issued in 2010 for underpinning and superstructure repair" - according to our solicitor, this is most likely because of subsidence. Since then, the loft has been converted.
This is actually making me quite worried as I'm a FTB and the price of the flat is already quite high.
What would you recommend? How much would this impact the property value?
Thanks!
C
I'm currently in the process of buying a flat (part of 1900's house in London) and we found out that "Building control was issued in 2010 for underpinning and superstructure repair" - according to our solicitor, this is most likely because of subsidence. Since then, the loft has been converted.
This is actually making me quite worried as I'm a FTB and the price of the flat is already quite high.
What would you recommend? How much would this impact the property value?
Thanks!
C
0
Comments
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It's unlikely to have any bearing on the value of the flat. And provided the underpinning was done properly, there's very little to worry about. It is probably worth getting clarification from the freeholder however.
The largest impact of underpinning tends to be on the cost of buildings insurance, even a decade later.0 -
Thanks for your reply! The flat comes with the share of the freehold, so would that change your answer? Most websites mention a 10%-20% impact on property value.
I'll check with the sellers and the EA of course.0
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