Hoping for advice from Mumsnetters who have been in a similar situation....
We are very far into the process of buying a property with a recent (2021) claim for clay shrinkage-related subsidence and cannot get buildings insurance. I'm interested to know if there are any steps you would take before you withdraw from the purchase.
Obviously we've always been aware of the implications of subsidence in terms of buildings insurance and future sales. Over the past four months we've had a historic surveyor and structural engineer carry out reports, both of whom advised that the property was structurally sound. Insurance brokers advised that we would be able to transfer or find cover with a certificate of structural adequacy, which we have.
The document notes recommendations for tree removal which was done, however, insurers are nervous because the claim and remedial work were so recent.
We are meant to exchange in two days and have had two insurance brokers on the case, who cannot find anyone to cover. What would you do, before cutting your losses?!
We absolutely love this property and really, really don't want to lose our mortgage rate, which expires in under 6 months. It's a probate property and the vendors aren't in a hurry; it's our buyers who are pushing for completion end of this month.
Thanks for reading.