DIYbanter - Buying flat with recent building works................Nightmare or go for it??

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ZZ2880

May 27th 04 02:52 PM

Buying flat with recent building works................Nightmare or go for it??

We are in the process of buying a flat in a converted house which was
built in 1901. We have found out that there has been some issues with
subsidence due to tree roots and work has just been completed although
I'm not sure if the insurance company has recertified the house
yet............Given that it may need underpinning in a few years
(according to the other tennants) would this be a risky buy?? Should
we pull out?? Would this make it hard to sell???

IMM	May 27th 04 03:05 PM

Buying flat with recent building works................Nightmare or go for it??

"ZZ2880" wrote in message
om...
We are in the process of buying a flat in a converted house which was
built in 1901. We have found out that there has been some issues with
subsidence due to tree roots and work has just been completed although
I'm not sure if the insurance company has recertified the house
yet............Given that it may need underpinning in a few years
(according to the other tennants) would this be a risky buy?? Should
we pull out?? Would this make it hard to sell???

Underpinning? Pull out. Walk away. It may be fine and stronger than the rest
of the house, but a stigma sets in for insurance companies and buyers.

Rick Dipper

May 27th 04 08:28 PM

Buying flat with recent building works................Nightmare or go for it??

On 27 May 2004 06:52:49 -0700, (ZZ2880) wrote:

We are in the process of buying a flat in a converted house which was
built in 1901. We have found out that there has been some issues with
subsidence due to tree roots and work has just been completed although
I'm not sure if the insurance company has recertified the house
yet............Given that it may need underpinning in a few years
(according to the other tennants) would this be a risky buy?? Should
we pull out?? Would this make it hard to sell???

From what you say, I would walk away, or if noting else, get an
insurance for your potential costs and lots of reports. Given I think
most reports are not worth much, due to the choise of words the
reporters use - walking would be a firm favorite.

Rick

N. Thornton

May 28th 04 11:10 AM

Buying flat with recent building works................Nightmare or go for it??

(ZZ2880) wrote in message . com...
We are in the process of buying a flat in a converted house which was
built in 1901. We have found out that there has been some issues with
subsidence due to tree roots and work has just been completed although
I'm not sure if the insurance company has recertified the house
yet............Given that it may need underpinning in a few years
(according to the other tennants) would this be a risky buy?? Should
we pull out?? Would this make it hard to sell???

Sometimes the stated cause of subsidence is based on speculation: many
people have a phobia of the the words 'we dont know'.

Small cracks to the structure of Vic houses are normal and very
common. They frequently have little in the way of foundations, and a
bit of movement is to be expected, and is normally straightforward to
repair. I dont know the exact nature of the cracks, but for all I know
they might be no different from what lots of other Vic houses have
also had occur.

Heres your worst scenario:

Buyers will not want to touch it with a barge pole. Insurers ditto,
you are unlikely to get insurance unless you accept a subsidence
excluded policy from a specialist insurer.

You might possibly be looking in the near future at another insurance
claim involving a year or two of monitoring, maybe underpinning, and
all the legal and professional costs of such. Or you might not. The
fact that its a flat means you probably wont be able to escape all
that. In short it might be what most folk would consider a nightmare.
At worst you can end up with huge costs and little chance of
reselling.

Regards, NT

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