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Original poster

Emotionally invested in a flat, but potential subsidence issue

19 replies

Onaladder · 08/02/2023 11:44

Hi need help to get perspectives on our situation

We have just got the results of a building survey done on a flat
It highlights critical? defects of work needed of about 18k which we read through and to be honest felt like 10k of it was not serious (personal judgement). There was one concerning matter however which was on the distortion of a bay window (slightly bowing out) and there was a horizontal crack between the window sills. The survey recommended we get the CCTV drainage survey and excavation done to check this

We googled like mad and it's difficult to tell if this is serious or not...until we get the structural engineer in, but one thing is once we do this, prob need to notify the insurer, will be marked as subsidence and have a negative impact on the sale of the property later on

We were ready to exchange and already transfered deposit to our solicitor (but we have not exchanged). This really is stressing us out.

We like the flat, it's not perfect but good for us, and have been progressing on it for the past 3 months or so (so emotionally invested)

We are torn between (1) delaying exchange and getting a structural engineer in to check for subsidence - spend another 800 or so (2) just giving up on this flat

If this is a subsidence but the reason and remedial behind it can only be determined from the strucutral survey, we are not sure we want to have subsidence marked property for sale as we plan to sell it after 3-5 years (not a forever home)...

OP posts:

Itsonlyagame · 08/02/2023 11:51

If it isn't a forever home I would walk away from this one, but I am risk aberse by nature.

Inthepinc · 08/02/2023 12:30

I would go for option 1; better to spend £800 and potentially walk away, rather than spend hundreds of thousands on a flat that could potentially be tricky to sell on. If the work required is severe you could possibly use the structural engineer's report to renegotiate the price.

stealthninjamum · 08/02/2023 12:41

I don’t think subsidence is the big issue these days that it used to be because the treatments can make the soil more stable than the properties around it. I think if you’re in a subsidence area it will always be a risk.

I would be more concerned that it’s a flat and you may have to deal with freeholders/ other leaseholders if you’re doing structural work.

GasPanic · 08/02/2023 13:40

I would walk away from this esp. if you don't see it as a long term stay.

If it is not a long term stay why are you so "emotionally invested" in it ? Why not consider a rental instead ?

Thing is if there is a big issue it should really be sold to you at a significant discount. Is this discount factored into the current price ? Because if it isn't and there is a problem, then you could find yourselves having to sell on at a big loss.

Who is responsible for structural repairs, the freeholder or the leaseholder ? If you are purchasing the freehold does that then make you responsible for structural repairs to the other flats ? So many questions...

Original poster

Onaladder · 08/02/2023 15:59

We would be leaseholder plus have a share of freehold, so the costs will be split but will they agree to it that I am not sure

I think we are more worried about whether the subsidence will affect our lives living there, like we are happy to fix it if not serious and can be remedied but we are scared it will be marked in the building insurance and we have to disclose that there was subsidence when we sell it...

We are emotionally invested bc still it was our first home (even though not forever) and we were dreaming about moving in, decorating etc etc...for a few months while we were in the process

The price we negotiated post mini budget and we thought it was fair

But it doesn't matter because the seller's solicitor got back to us saying they won't agree to further survey and we must exchange this week otherwise will put it back on the market...so it looks like the matter has been decided for us

OP posts:

Moonlightsonatas · 08/02/2023 16:02

There will be another flat out there and you may have saved yourself from a very expensive mistake. The fact they don’t want another survey might suggest they know that there are going to be problems and don’t want you reducing the offer.

watchfulwishes · 08/02/2023 16:05

Glad it has been decided - the fact they won't agree to another survey is a massive red flag, I was going to advise walking away anyway.

Lucky escape.

Itsonlyagame · 08/02/2023 16:10

I would say that's a lucky escape!

postwarbulge · 08/02/2023 16:15

@Onaladder.

Run away!

Always4Brenner · 08/02/2023 16:17

You’ve dodged a bullet on this.

Hollyhead · 08/02/2023 16:18

Let them remarket it! I wouldn’t touch that with a barge pole in a falling market.

Original poster

Onaladder · 08/02/2023 16:30

Ah thank you everyone, feeling pretty shitty today and looking urgently for a rental...
Your comments are very comforting...haha I will look on the bright side of this :)

OP posts:

GasPanic · 08/02/2023 16:41

It's pretty much unanamous.

Don't think of it as the money lost out on surveys etc. Think of it as money saved that you don't have to spend on rectifying horrible structural issues, or lose in the sales process.

RubyPip · 08/02/2023 16:56

I was about to say, have the survey and go from there.

HUGE red flag that they don't want you to have a structural engineer visit! Sod that! Run away. You will find a better property.

RubyPip · 08/02/2023 16:57

GasPanic · 08/02/2023 16:41

It's pretty much unanamous.

Don't think of it as the money lost out on surveys etc. Think of it as money saved that you don't have to spend on rectifying horrible structural issues, or lose in the sales process.

This I how I've viewed it in the past, when we had to withdraw from a sale. It's annoying but saves you a lot of stress and money in the future.

stealthninjamum · 08/02/2023 17:12

I’m sorry op but it sounds like more trouble than it’s worth.

There will be other flats around and in my area prices of flats in particular seem to be going down.

FurierTransform · 08/02/2023 17:42

First step is have a specific survey done, because right now you dont have much to make a desicion on. Certainly don't jump to any conclusions/emotional reaction pull out.

2nd step, get details of freehold situation, combine with survey, work out exactly how much of an issue this is, amend offer/insist on remediation/pullout from there.

FurierTransform · 08/02/2023 17:44

Didn't see the update- seller refusing a survey is basically game over.

BlueMongoose · 08/02/2023 20:04

If they wouldn't agree to a survey, then that would be the end of it for me. Bay windows often seem to have problems that aren't actually all that much of a problem to fix, so I'd be wondering what they were trying to hide by refusing to have a surveyor check it out. The surveyor could have said, 'a few grand will sort it out'. Maybe they knew there was more going on than that.

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