Historical subsidence - should I request lower price

[Finallygrowingup]

Hello all,

Very close to exchange (hoping to before the end of June). Didnt think of getting additional survey (FTB with no clue). Found out today the property has historical subsidence, cracks appearing from shrinkage of clay. The work has been remedied (no underpinning just crack repair and additional cosmetic work). Will we have time for a survey and complete by end of june? Should/would it be appropriate to ask for a reduction in price based on higher insurance premiums over the 30 year mortgage period? Would that annoy the vendor resulting in sale collapse?

Any advice please

Have you seen pictures of the tree. It woukd need to be a big tree is my point. If they've removed a small tree they are using the tree as an excuse where as the subsidence could be nothing to do with a tree and ongoing

Why on earth didn't you get a survey? Or did you get the most basic one that they don't even look at the property?

Subsidence could cost you a lot more than £10k and you may well find that your lender won't give you a mortgage on it.

You need to do some googling. If it was a big tree then it's removal may cause further ground movement as the moisture level readjusts, this can take a few years.

This is likely to be the biggest purchase of your life, one you'll probably be paying for for 25years. You don't want to buy a duffer

Get the report and get an a structural survey by someone who specialises in subsidence and will read the original report (ie they're prepared to spend time on it) as a minimum

OP: without your own structural survey you don’t know how bug a deal it is.

It might be
It might not be.

And tbh with the new info you give about the steel rods, extension only, vegetation removed, it quite likely is not a big deal.

But you need to know. Apart from anything else you can’t negotiate unless you know.

Structural surveys can be done and dusted within a week, and you have now lost another working day in not booking one, and a working day not asking your solicitor if the lender needs to know.

I have bought 6 properties, one of which was underpinned.

Honestly, stop being wide eyed and do what I suggested earlier in the thread.

Sorry, think my suggestion was in another thread.

Book structural survey from a structural engineer to look into this one issue.

Ask your solicitor if lender needs to know.

If survey OK and lender OK, re-negotiate as appropriate.

But it seems you have already alerted your lender?

They will almost certainly ask for a structural report in this issue.