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    • Dcaswell
    • By Dcaswell 15th Sep 18, 3:29 PM
    • 3Posts
    • 0Thanks
    Dcaswell
    Subsidence & remortgaging
    • #1
    • 15th Sep 18, 3:29 PM
    Subsidence & remortgaging 15th Sep 18 at 3:29 PM
    Hi All,

    After some serious advice, not sure if this is the right place to post.

    We bought our first home in December last year, the previous owner left the house in a disgusting state, even though it was immaculate when we viewed it in the August.

    The boiler was knackered and the cooker, so we have had to stump up £3k within the first month of being here.

    We have now noticed that the house is subsiding, clearly obvious from tthat he outside, our bay window is jutting out and sinking. Being a builder he clearly knew this was happening but didnít disclose.

    We are due to remortgage next December, now worried we will be stuck paying our extremely high rates and not be able to swap or reduce,

    Is anyone able to give me some solid advice as I donít know what to do, we have insurance for buildings, but extremely worried anout remortgaging.

    Any helpful advice would be appreciated

    Tia:
Page 1
    • AlexMac
    • By AlexMac 15th Sep 18, 5:39 PM
    • 2,144 Posts
    • 1,885 Thanks
    AlexMac
    • #2
    • 15th Sep 18, 5:39 PM
    • #2
    • 15th Sep 18, 5:39 PM
    Hi All,... the house is subsiding, clearly obvious from outside,,,, Being a builder he clearly knew this was happening but didn’t disclose...
    Tia:
    Originally posted by Dcaswell
    Sympathies; but don't panic. You have no call on the vendor regrettably, as unless he'd actually had a professional opinion which revealed damage, or there had been past underpinning work, and that he lied about this when your solicitor asked via his (as they routinely do) it was down to you to rely on your own survey.

    (and I can't blame you if you didn't commission one, or only relied on a Homebuyers, as I never bother, preferring to take a builder round when buying)

    If it's only the Bay Window pulling away, that isn't such a big deal, and although ultimately (and assuming you declared honestly to your insurer that you knew of no past problem) insurance would cover any major problem, I'd be inclined to try to assess the extent of the problem before running to the Insurer.

    My neice did that - an over-reaction to a decorator, who, when challenged about a minor crack on the bay which he'd not filled, said "subsidence"... and the Insurer's over-cautious contactor did an 4rse covering over-cauatious survey and chased her for a couple of thou excess on the work for years... She did nothing; just filled the crack, and many years later, it hasn't moved at all.

    So if it was me, I'd try to get an opinion from someone I trust (whether builder or surveyor- although I prefer the former) on diagnosis., solution and cost; then run for the insurer only if it was lots more than my excess... An ad hoc and pragmatic approach, but that's the way I am.

    Good luck
    Last edited by AlexMac; 15-09-2018 at 5:42 PM. Reason: I regret I can't advise on the re-mortgaging; but do they even survey on a re-mortgage? My Nationwide Lender doesn't
    • davidmcn
    • By davidmcn 15th Sep 18, 5:59 PM
    • 8,482 Posts
    • 8,941 Thanks
    davidmcn
    • #3
    • 15th Sep 18, 5:59 PM
    • #3
    • 15th Sep 18, 5:59 PM
    If you sign to up another deal with the same lender, are they going to ask any awkward questions?
    • Dcaswell
    • By Dcaswell 16th Sep 18, 2:08 PM
    • 3 Posts
    • 0 Thanks
    Dcaswell
    • #4
    • 16th Sep 18, 2:08 PM
    • #4
    • 16th Sep 18, 2:08 PM
    Unfortunately itís through the centre of the house, we have discovered the floor is lower on the internal wall, we are attached to another house (semi),

    Iím not worried about contacting the insurers as we were honest as we didnít know there was any issues, Iím more concerned about the remortgaging side of it, worried weíll be stuck with e very expensive mortgage, weíre being stung for fixed 2 yrs and looking forward to getting a lower rate,

    Thanks for your advice
    • Dcaswell
    • By Dcaswell 16th Sep 18, 2:10 PM
    • 3 Posts
    • 0 Thanks
    Dcaswell
    • #5
    • 16th Sep 18, 2:10 PM
    • #5
    • 16th Sep 18, 2:10 PM
    Not sure what you mean by awkward questions? We werenít aware the property had subsidence
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