We’ve had the survey back on house we are buying - it’s got a good sized two storey detached annexe in the garden which it turns out has subsidence (probably resulting from being built into a steep slope on the plot and inadequate foundations when it was built in the 70s). The annexe is basically a one bedroom home which would have been useful to us. House itself is not affected (so far as surveyor can tell although other issues show that the builders were potentially not great as there is quite a big issue in the roof construction of the main house). The location is absolutely perfect for us and there really aren’t many locations that work so well, certainly no alternatives currently on market and we have to move in next few months - though could rent something and bide our time rather than rush.
Do we ask for significant price reduction OR walk away? It doesn’t bother us specifically as long as we had a large chunk of purchase price off as we are cash buyers and home insurance also not an issue as we can arrange a specialist policy around the subsidence through contacts in the industry, but I am conscious that other future buyers may not have this option. If we underpin the annexe we will presumably have to declare it on sale and would a usual buyer run a mile? I’m not sure how / whether it would affect mortgageability as it’s the annexe affected not the main house. Does anyone know? We won’t probably be there that long 5 years or so and we don’t want to be lumbered with a property we can’t shift. Other thought is we could just demolish it before we sell so we have nothing to declare.
Should we run a mile?? Or if the vendors will take a significant chunk off, should we consider proceeding??
I am confused in my thoughts as the house itself is not affected but the annexe was important to us!
Advice much appreciated!