Investigate possible subsidence before remortgage? 16 January at 12:46AM in Mortgages & endowments 3 replies 194 views

rob719

Hello,

Recently couple of cracks have appeared in one of the walls, and this, along with other signs and information from the neighbours, makes me believe that there is a high chance of a possible subsidence (this is a converted house from 1930's, so we are are not talking about settling-in etc.).

I am considering to start investigating the problem via our insurer or using an independent surveyor. However, we are due to remortgage our flat in one years time and my concern is that if I start the process now, it likely won't be completed by then and having raised a claim with an insurer, we won't be able to get a good remortgage deal, if any at all.

Would it make sense to sit on this, and start dealing with it only after the remortgage? As the cracks themselves are not wide, I doubt that they would raise red flags during the remortgage valuation/survey.

Any advice would be appreciated. 

mi-key

If you stay with the same lender they won't normally need a survey for a remortgage, they just use their own valuations without coming to look at the house. 

dunstonh

Recently couple of cracks have appeared in one of the walls, and this, along with other signs and information from the neighbours, makes me believe that there is a high chance of a possible subsidence (this is a converted house from 1930's, so we are are not talking about settling-in etc.).

Subsidence or movement?   

The majority of cracks are due to movement but people tend to automatically assume subsidence.  Subsidence can be a scary thing but movement is pretty routine.  In 2022, as it was a drought year, cracking of walls was significantly higher than normal.      We had several new cracks internally in one wing of the house.   All quite normal and to be expected.  We dont bother with insurance claims on it as its routine maintenance.

However, we are due to remortgage our flat in one years time and my concern is that if I start the process now, it likely won't be completed by then and having raised a claim with an insurer, we won't be able to get a good remortgage deal, if any at all.

If you remortgage, then it could be a problem.   If you do a product transfer then it will not.  Product transfers do not require a revisit or new valuation.

rob719

Thanks for the answers. Hopefully it is just a movement but it is good to hear that the product transfer or staying with the same lender won't require a new valuation. Would these be affected by an insurance claim for subsidence though?