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Historical Subsidence... should we pull out?

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  • Historical Subsidence... should we pull out?

    I'm new to this forum, so hello everyone!

    My other half and I recently had an offer on a house accepted and got a full structural survey done.

    The house is in the fenland and built on a raft foundation. The survey found that the back of the house was sloping noticeably downwards, indicating that the raft foundation has moved. There is also some cracking on an extension on the other side of the house. The survey cited both of these to be historical movement and there is nothing to suggest that it is progressive.

    We got some paperwork through from the vendor (who have been there 13 years) which says that the previous owners, before them, had a 2 year investigation done on the subsidence and no further action was taken.

    OH's father has told us to steer well clear and that it may move again and noone will buy it in the future etc. My mum, who is a solicitor and conveyancer, does not seem to think it is a huge problem.

    We are cash buyers, so don't have to go through a mortgage broker, but would future buyers be able to get a mortgage on the property? We dont particularly want extra problems selling the house in the future.

    What would you do

  • #2
    Re: Historical Subsidence... should we pull out?

    Don't really know.

    On the one hand locals may be used to this sort of thing and dismiss it.

    On the other people often get frightened about the mere mention of the words "subsidence" and "underpinning".
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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    • #3
      Re: Historical Subsidence... should we pull out?

      I would! You may find it difficult or expensive to get insurance maybe even find a Lender!

      If you can buy it for the land value alone it would be worth the risk as you would only lose out on the demolition costs.
      BRAND NEW HOMES
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      • #4
        Re: Historical Subsidence... should we pull out?

        Hi Rokx

        In my opinion, the only way to justify buying the home is if the price reflects the risks involved. Unfortunately, at the end of the day it doesn't matter how easy it is to fix, the stigma over the property is there are you may find it extremely difficult to sell.
        Free Guides For First Time Buyers!

        www.FirstTimeBuyerGuru.com

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