Thank you. I’m a normal purchaser (not cash) and the mortgage valuation indicated some structural movement and required an engineers report. I couldn’t spot any significant external cracking in the property - some of the older plaster is cracked but likely due to moisture or damp. The vendor has offered to pay for the report and i hope it’s not subsidence. Even if it isn’t subsidence should I still try to negotiate price further?
Hi there. It's good that the vendor is happy to pay for the report, however do make sure that you see it rather than rely on the vendor's feedback. If necessary call the Engineer to talk it through and make sure that you are fully aware of any work that is required and the likely cost. With this knowledge you are then in a position to negotiate with the vendor as you could genuinely say that any works required were not known by you when you made your offer. By the way it may be possible for the vendor to claim any repairs on their insurance so that you can then purchase at your original offer price once the works have been carried out. I hope this helps, good luck with your purchase.
The issue is, the structural report alone costs £1k-£2k and if the vendors do not agree with the projected cost then its a money gone out of the window!
Yes, there is a cost. The mistake a lot of people make is that they start the process of obtaining finance (which costs money) and then get a hold up because there are structural problems that need a report. If the deal doesn't stack at that point then there is a double cost.
Can the property be sold to none cash buyers after repairs are done or would it still be Cash buyers if it's previously had subsidence. Can you still get insurance on the property after work has resolved any subsidence. Cheers ☺️
Hi Jeff. If the work has been designed by a Structural Engineer and certified as being completed correctly then the property should be able to be financed using a mortgage and insurable. The key thing is to have it properly designed and executed.
Look for someone local to the project otherwise you will pay excessive travel time. Smaller one man operations will be cheaper but of course can get busy and will have no back up.
Thanks, very good shared experience and helps to deal with the "gut reaction" of just walking away at the first sign of subsidence.
Thank you. I’m a normal purchaser (not cash) and the mortgage valuation indicated some structural movement and required an engineers report. I couldn’t spot any significant external cracking in the property - some of the older plaster is cracked but likely due to moisture or damp. The vendor has offered to pay for the report and i hope it’s not subsidence. Even if it isn’t subsidence should I still try to negotiate price further?
Hi there. It's good that the vendor is happy to pay for the report, however do make sure that you see it rather than rely on the vendor's feedback. If necessary call the Engineer to talk it through and make sure that you are fully aware of any work that is required and the likely cost. With this knowledge you are then in a position to negotiate with the vendor as you could genuinely say that any works required were not known by you when you made your offer. By the way it may be possible for the vendor to claim any repairs on their insurance so that you can then purchase at your original offer price once the works have been carried out. I hope this helps, good luck with your purchase.
Very valuable information. Thank you Martin
Thanks for your feedback Sam
The issue is, the structural report alone costs £1k-£2k and if the vendors do not agree with the projected cost then its a money gone out of the window!
Also the home insurance costs sky rocket the moment property's subsidence gets recorded, especially if its BTL property then thts the end of it!
Yes, there is a cost. The mistake a lot of people make is that they start the process of obtaining finance (which costs money) and then get a hold up because there are structural problems that need a report. If the deal doesn't stack at that point then there is a double cost.
I wouldn't see that a deal breaker
Can the property be sold to none cash buyers after repairs are done or would it still be Cash buyers if it's previously had subsidence. Can you still get insurance on the property after work has resolved any subsidence. Cheers ☺️
Hi Jeff. If the work has been designed by a Structural Engineer and certified as being completed correctly then the property should be able to be financed using a mortgage and insurable. The key thing is to have it properly designed and executed.
Can you share structure engineer contact in West Midlands
Hi Sanjay, I'm based in Kent so don't have any experience of Engineers in the west Midlands
Any recommendations for enginer
Look for someone local to the project otherwise you will pay excessive travel time. Smaller one man operations will be cheaper but of course can get busy and will have no back up.