Tip:
Highlight text to annotate it
X
Hello my names Jonathan Rolande and I'm here on behalf of House Buy Fast to answer some
questions provided by Zoopla.co.uk. This is from somebody in Leigh-on-sea; it's a very
long question so I won't read it all out, but basically their considering buying a property
that was affected by, what was clarified to be subsidence caused by a leaking drain and
a tree. Of course roots of a tree can suck up a lot of the moisture in an area surrounding
foundations and cause subsidence, it's been noted that it was subsidence and crack repairs
were carried out, the current seller is paying £1,000 pounds a year in building insurance
and of course this person who asked the question is concerned that the history of subsidence
will cause difficulties in the future. You're quite right the property has been signed off
so we can assume it's not moving now, so that would be fine. Certainly a history of subsidence
does affect the sale value; a lot of people are just put off from the very beginning for
the same reasons you're questioning it. Also people may have trouble placing insurance
and of course it could be on going as far as anyone knows so a lot of people would choose
an alternative property rather than buying something that has had history of subsidence
so I really think that there alt to be some account taken of that within the price, so
it's not exactly the same price as similar properties in the area. The way to check that
is to look on Zoopla.co.uk and compare the price you're paying to what other properties
are going for in the area. If you do end up buying the property, do make sure you can
continue the insurance that the owner currently has with the same company, because what you
could find otherwise if the property does subside in the future you're not covered because
both insurances companies could in effect blame each other for the problem and nobody
ends up paying. There are some problems and I think you should really take some time to
consider exactly what you want to do on that. Certainly houses that have subsidence or have
had subsidence I should say do sell, they change hands, that's why we haven't got lots
of empty properties sitting around in various streets, but as I say it does have an impact
on the resale ability so do bare that in mind. Hope that help's and good luck with the purchase.