We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bay window movement - help!
danjumagolazo55
Posts: 1 Newbie
Hi all,
I've found myself in a bit of a predicament and I'd like some on advice on how I should proceed.
My partner and I bought a flat (FTB) two years ago. It's a 2 bed leasehold flat in a converted three-story house.
We've since noticed that our service charge - set by a managing agent - has shot up since we purchased the property, and this year's figure is getting out of control. The main reason for this is the buildings insurance - our premium was already 3 times the average last year (based on comparison quotes and info from neighbours), and has now gone up even further this year. We're keen to get this down as we currently fear that the service charge will be extremely offputting to potential buyers (we would like to move in c.2 years to start a family).
I've looked into the insurance and I can't make sense of why the premium is so high - all the excesses and levels of coverage are normal, and the managing agent and freeholders say there are no special conditions and no history of previous claims against the building. The seller's property information form also said as much. I can only assume that the managing agent has been auto-renewing without checking for cheaper rates elsewhere, or the broker is paying the managing agent a hefty commission. As a result, we are planning to work with our neighbours to take over the right to manage the building, and then change insurance provider for a much lower premium.
However, I've recently had a horrible realisation. We recently looked through the survey we had done when we purchased the flat, and there is mention of cracking below the ground floor flat's bay window:
"There is some cracking to the bay window masonry. This type of movement is common and is likely caused by differential movement of the foundations. The cracks should be raked out and repointed. If the cracking opens up significantly after being repointed, you should obtain a specification from a reputable structural engineer to detail the best method of acheiving further restraint".
This has left me paralysed and unsure of what to do next (obviously, we shouldn't have purchased the flat in this condition - not sure how on earth we managed to overlook this issue). Does this mean that we will have to declare the issue when applying for new insurance, which will presumably mean we are rejected - meaning that we will have to stay with the current insurer? And if that forces us to stay with the current insurer, will we have to declare the issue to them (even though the managing agent has clearly not done so for the current policy - they even had an insurance reinstatement survey done recently which said the property was in a good state of repair)? I'm concerned that doing so will mean our already sky-high premiums will rise further due to the movement issue to become absolutely ludicrous and unaffordable, and mean we will have no hope of selling in future.
On top of this, I'm guessing that we will need to resolve the structural issues with the bay window before we can sell - should we inform the insurer and go from there, or attempt to get it fixed ourselves?
Long story short, I need to come up with a strategy for what to do next - my aim is to bring down the service charge and make the flat sellable, even if the movement issue means we do not achieve market value. The way I see it, I have three options:
1) Ignore the bay window issue, reinsure with another insurer on the same basis as the current policy. When it comes to selling, if the issue comes up again and makes the property unsellable, I make a claim with the insurer and go from there.
2) As above, but repair the bay window ourselves ASAP as soon as the new insurer is on board.
3) Alert the insurer to the bay window issue now, and get them to repair it if judged necessary. Beg insurer not to bankrupt us with crazy premiums, look to switch insurer once the problem is repaired and we have proof - or sell for a big loss at auction.
Any and all advice is greatly appreciated!
I've found myself in a bit of a predicament and I'd like some on advice on how I should proceed.
My partner and I bought a flat (FTB) two years ago. It's a 2 bed leasehold flat in a converted three-story house.
We've since noticed that our service charge - set by a managing agent - has shot up since we purchased the property, and this year's figure is getting out of control. The main reason for this is the buildings insurance - our premium was already 3 times the average last year (based on comparison quotes and info from neighbours), and has now gone up even further this year. We're keen to get this down as we currently fear that the service charge will be extremely offputting to potential buyers (we would like to move in c.2 years to start a family).
I've looked into the insurance and I can't make sense of why the premium is so high - all the excesses and levels of coverage are normal, and the managing agent and freeholders say there are no special conditions and no history of previous claims against the building. The seller's property information form also said as much. I can only assume that the managing agent has been auto-renewing without checking for cheaper rates elsewhere, or the broker is paying the managing agent a hefty commission. As a result, we are planning to work with our neighbours to take over the right to manage the building, and then change insurance provider for a much lower premium.
However, I've recently had a horrible realisation. We recently looked through the survey we had done when we purchased the flat, and there is mention of cracking below the ground floor flat's bay window:
"There is some cracking to the bay window masonry. This type of movement is common and is likely caused by differential movement of the foundations. The cracks should be raked out and repointed. If the cracking opens up significantly after being repointed, you should obtain a specification from a reputable structural engineer to detail the best method of acheiving further restraint".
This has left me paralysed and unsure of what to do next (obviously, we shouldn't have purchased the flat in this condition - not sure how on earth we managed to overlook this issue). Does this mean that we will have to declare the issue when applying for new insurance, which will presumably mean we are rejected - meaning that we will have to stay with the current insurer? And if that forces us to stay with the current insurer, will we have to declare the issue to them (even though the managing agent has clearly not done so for the current policy - they even had an insurance reinstatement survey done recently which said the property was in a good state of repair)? I'm concerned that doing so will mean our already sky-high premiums will rise further due to the movement issue to become absolutely ludicrous and unaffordable, and mean we will have no hope of selling in future.
On top of this, I'm guessing that we will need to resolve the structural issues with the bay window before we can sell - should we inform the insurer and go from there, or attempt to get it fixed ourselves?
Long story short, I need to come up with a strategy for what to do next - my aim is to bring down the service charge and make the flat sellable, even if the movement issue means we do not achieve market value. The way I see it, I have three options:
1) Ignore the bay window issue, reinsure with another insurer on the same basis as the current policy. When it comes to selling, if the issue comes up again and makes the property unsellable, I make a claim with the insurer and go from there.
2) As above, but repair the bay window ourselves ASAP as soon as the new insurer is on board.
3) Alert the insurer to the bay window issue now, and get them to repair it if judged necessary. Beg insurer not to bankrupt us with crazy premiums, look to switch insurer once the problem is repaired and we have proof - or sell for a big loss at auction.
Any and all advice is greatly appreciated!
0
Comments
-
Calm down!
The surveyor hasn't told you to rush out and sell the flat for a big loss at auction.
He said 'This type of movement is common and is likely caused by differential movement of the foundations. The cracks should be raked out and repointed.'
Take his advice, you paid for it!
Raking the cracks out and repointing is indeed common and not expensive. If the cracks open up in the future, deal with it when it happens. But by then you could be years away, bringing up your family.0 -
Contact the Freeholder/Management Company to state that there's a crack in the building wall under the bay window and it needs repairing as soon as possible.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards