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recent subsidence claim

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  • recent subsidence claim

    So I'm in the process of buying a flat in London for a good price, even if it is in a bit of a shonky area.
    Got some worrying news today that there had been an insurance claim on the property for subsidence in November last year.
    It was from vegetation apparently and this has since been cleared, and some work has been done.
    It's taken a lot of time for the solicitor to release this info and I've shelled out a lot of money on surveys etc... which is a swine
    I know I'll at least have a higher insurance premium if I do buy it, my big worry (apart from it happening again) is that it will be difficult selling it on.
    Reading a few things I'm tempted to cut my losses.
    Anyone experienced in this sort of thing?


  • #2
    Re: recent subsidence claim

    You need to check more into it. It could be that the problem has been sorted and if the seller's present insurers are happy it has been dealt with they may be happy to insure you at normal rates.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.


    • #3
      Re: recent subsidence claim

      Thanks so much for your help!
      Anyone have any thoughts on reselling?
      We were hoping to make some money on doing it up over the next couple of years, but I thought the subsidence might have a serious effect on our ability to sell.... any thoughts anyone?


      • #4
        Re: recent subsidence claim

        Rightly or wrongly, the mere mention of the 'S' word is enough to send potential buyers running for cover without even bothering to find out what caused it and the likelihood of it happening again. It's just one of those stigmas that's really hard to get rid of IMO.

        I'm not saying that you wouldn't be able to sell it, just that I believe the chances are you wouldn't get as high a price for it as you would had it not suffered subsidence.

        Personally, I wouldn't buy a house with a history of it but that's just my personal opinion.


        • #5
          Re: recent subsidence claim

          Thanks Kaz,
          Very helpful, anyone else got any thoughts?


          • #6
            Re: recent subsidence claim

            You have to ask yourself would you have offered if you had known about this problem ? Kaz is right that there is a stigma with something like this.
            However you also say it is not in a great area anyway. Is this likely to improve ? If it isn't in the short term and you are looking to move sooner rather than later then is it worth it ?


            • #7
              Re: recent subsidence claim

              Oh, that is so fussy. You know, its hard to think about it, considering what will happen to you and also what will happen to the person who will accept your offer. It is a matter of conscience and financial stand.
              commercial refinancing solutions