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Found 6 results

  1. Hi I'm a landlord of a 2 bed first floor flat in London since 2015 and have a landlord insurance that includes subsidence. Last year i tried to sell it, found an investment type buyer but the sale dropped as the Lender surveyor report was negative. I didnt get a copy of the report but i was told its due to structural problems. Property does have cracks at the front and inside. Prior to let it in 2015 i lived there for about 9 years and had seen cracks (they were either hair line or not too big) appearing which i attributed to railway line and an adjacent main road. I've been reading about the subsidence claims on different forums and really not sure if i should start with my insurer or get a structural survey done and find out the route cause and if its subsidence of some level then get it fixed myself before listing the property again. My guess is that even if its a minor subsidence and if i get it fixed myself, the next buyer will still have problems obtaining insurance? So in effect the potential buyers will be deterred if i pay myself or get insurance company to pay. My landlord insurance company also got busted last year but they were taken up by another company and i will be automatically moved to the new company in October this year so still have about 5-6 months with my old company albeit, i'm still insured by old company's underwriter. I have read that its a good idea that the potential buyer stays with the same insurance company (if i take out a claim for subsidence) but in this case if i take a claim now the account will be transferred to the new company where it may not be the case? What should be the best course of action. Shall i start with my insurer or look for structural engineers? what do i need to make a claim from my insurer?
  2. Hi Everyone, I could do with some help, this is my very first time investing in a property. I have decided to purchase two new build flats in Luton, due for completion at the end of June. I have already paid the reservation fee to reserve both plots for a £1000 EACH. I have also instructed my solicitor to carry out the searches on the property and check through all of the finer details. My solicitor has notified me of the following. The property or an area within 25m has been assessed to be at Moderate risk of flooding. The JBA Insurability Index is Amber for this property. Guidance The property has been rated as Amber within JBA's Insurability Index. Amber indicates a level of flood hazard such that (subject to terms, applicant's status and individual insurers' approach to risk, exclusions to the Flood Re scheme and any other factors which may be relevant), insurance covering flood risk may be available but may be subject to increased premiums and non-standard and/or additional terms. This rating is calculated by JBA and is based entirely on JBA's modelled river, coastal and pluvial flood risk data. This data is used by a large number of top insurance companies in order to assess flood risk, though individual insurers may also have recourse to further information not used in this assessment such as claim history, and is indicative rather than definitive. On the 4th April 2016 the Flood Re scheme was implemented. The scheme is designed to provide affordable household insurance for residential properties within the UK, which are perceived to have a high flood risk. Insurance companies are able to cede residential properties they consider to have a flood risk into the Flood Re scheme. Annual premiums and excesses are then capped depending on the council tax band for individual properties. There are some exclusions to the Flood Re scheme and these include; commercial properties (including buy to let), new homes built after 1st January 2009 and blocks of flats with three or more units. Flood Re is designed to run for 25 years, to allow time for the Government, local authorities, insurers and communities to become better prepared for flooding. After this period, the market is expected to return to risk reflective pricing, and properties with flood risks that have not been mitigated may face significantly increased premiums and/or difficulty in obtaining cover. The JBA Insurability Index is categorised on a fivefold scale and also includes a statement of the possibility of insurance companies ceding the property into the Flood Re scheme (subject to terms, applicant’s status and individual insurers’ approach to risk, historical flooding events at the property, exclusions to the Flood Re scheme and any other factors which may be relevant),- • Green indicates a level of flood hazard such that insurance covering flood risk may be obtainable relatively easily as part of a standard household insurance contract. Very low possibility of insurance companies ceding the property into the Flood Re scheme unless the property has flooded in the past. • Amber indicates a level of flood hazard such that insurance covering flood risk may be available but may be subject to increased premiums and non-standard and/or additional terms. Low possibility of insurance companies ceding the property into the Flood Re scheme unless the property has flooded in the past. The property or an area within 25m has been assessed to have a Moderate-High potential for natural ground subsidence. 5.9 Natural Ground Subsidence What is the potential for natural ground subsidence* within the search area? Moderate - High Guidance: The natural ground subsidence rating is obtained through the evaluation of six natural ground stability hazard datasets, which are supplied by the British Geological Survey (BGS). These datasets indicate the hazard posed by the occurrence of: Swell-Shrink Clay, Landslide, Compressible Ground, Collapsible Ground, Dissolution of Soluble Rocks and Running Sand. Many factors may contribute to ground subsidence problems. For instance, significant problems can arise in conurbations underlain by clay rich bedrock, such as over clay strata in the South East of England, or South Wales. Whilst surveyors are normally aware of local problem areas, data provided by the BGS can highlight areas where a significant potential for natural ground subsidence exists and which may need particular consideration. Where moderate - high potential is indicated, this means that there is the potential for natural ground movement to occur that may be of concern. Such ground movement could cause damage to domestic or other properties. However, properties designed, constructed and maintained in compliance with modern building regulations should be unaffected by most minor subsidence. Therefore, if thinking of buying a property in the area, you should seek professional advice from a professional property surveyor and also look at the property yourself in more detail to look for any signs of existing damage. If you already own a property in the area, and you think natural ground movement may have damaged it, you should contact your insurance company for advice. You should also take professional advice before changing the ground in any way, for example, by planting or removing trees, changing drainage or carrying out building work. *The term “Subsidence” refers to ground movement that could cause damage to foundations in domestic or other properties. As this is a new build property, would these be something I should worry about? Plus the flats are located on the first floor and the third floor, therefore I doubt they are likely to be affected. Any recommendations, anyone? Your advice would be much appreciated in this matter. Many Thanks, Naeem
  3. Hi everyone, Looking for some advice/insights if anyone can help. Fallen in love with a property, very old, lovely large garden, great location. Ticks all our boxes aside from needing some work, as to be expected with an old cottage. We were told upfront that a claim was underway for low level, localised subsidence and work would be complete before we finalized purchase.. The work includes strapping and re-filling cracks and the subsidence is categorised as low risk, caused by tree roots. Our bank were aware of remedial works before their own survey but in light of the work, they have requested an SER before making a decision on lending. Their surveyor seemed otherwise satisfied with the property, for the most part. In the meantime, we have started to realise that recent subsidence, even that which doesn’t require underpinning is bad news when it comes to trying to get buildings insurance and of course no building insurance, no mortgage, no mortgage, no go. We are currently investigating if vendor’s own insurance can be transferred to us but not holding our breath. So my question is: Do we have options? We are not cash buyers and we need the bank’s approval as much as we need insurance. Is it likely that we will get insurance from someone somewhere? The subsidence in itself doesn’t worry us. All properties move to some degree over time. It’s low level and localised and we really do love the property. What have others done faced with this conundrum, do we have options???? Can you recommend a broker or company who offer good cover without costing the earth? Thank you so much
  4. Hello everyone, I am fairly new to property investment, am in the process of buying my second BTL property and the environmental searches have come back with a moderate to high risk of natural ground subsidence (I have not yet had my survey done). Has anyone else had the experience of dealing with this finding? My solicitor is very dismissive of the issue, my broker not so much. Thanks for any comments anyone has! Vanessa
  5. Hi I am considering buying a property with evidence of historical subsidence. The property is built on sand with a high water table, a large single storey extension built 30 years ago has settled to the outside edge. The fall across the floor can be sensed as you walk across. I estimate it is around 1 in 100 fall. The vendor reports it was like that when they purchased 20 years ago. There is no sign of any cracking in the walls (inside or out) or other signs of continuing settlement. I am a Structural Engineer so am confident I could obtain a report to say any settlement has stopped. There was an insurance claim in 2012 for local movement due to a drain leaking. The claim was settled and the drain and cracks caused repaired. The property was rerendered at the time, that would have covering any cracks present. I have not seen a Structural Engineers completion certificate but will be trying to find out if there is one. Given it was 4 years ago if there is no certificate is this likely to be a problem. There is no record of under pinning. My strategy, if I could l purchase for the right price, would be to repair plus general refurbisment / update, then rent out and remortgage after 6 months at closer to the market value thus releasing most of my investment. I would retain the property for 6 to 10 years. The property is currently insured so should be mortgagable, however could this be only to the current vendor? For repairs I have talked to Uretek who can inject resins to strengthen the ground under the foundations and may be able to raise the wall to retrue the property including floors. This does nor count as underpinning. This would give confidence that future settlement will not occur and would come with a warranty ( I need to check the small print). Would this draw attention to the issue and/or be a waste of money for valuation / resale? Alternatively I could just relevel the timber ground floors to remove the visible affect of the settlement, only one window where fall may become visible. This would not need to be mentioned. Any morgage valuer presumably would find no signs of on going settlement and value as a property with historic settlement plus recent incident that was repaired. Any thoughts? Thanks Dave
  6. Hi, I just had a buildings survey come back with a history of subsidence. The house is a victorian terrace and was built over an old gravel pit. Half the houses in the road were knocked down as they were council owned and rebuilt into smaller properties in 2005 as the cost to fix the subsidence was to high. The council published the subsidence report on the internet and it stated that it is highly likely that the subsidence will continue on the houses that remain. I walked away from the deal as the vendor refused to drop the asking price. The estate agent even suggested that subsidence isn't an issue because he has 'sold loads of properties recently with subsidence and it will not effect the re-sale value'. Just wondered what experience other people have had with buying properties to let with subsidence.
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