My friend is buying a house of a deceased relative and engineer has spotted subsidence. He’s getting it below market rate so prepared to continue with the purchase regardless.
What do you do with house insurance then? Not say anything and put a claim in down the road, if 5+ years?
Imagine there will be questions on pre-existing conditions? Simply denying you knew wouldn’t do?
@TheJackal In the event of any potential future claims, might the insurance company request such documents. I’m assuming an engineering report could be one requirement to qualify for a mortgage. Do you know if that is the case?
I don’t think an engineer’s report is needed by the bank to qualify for a mortgage but your solicitor would need it and presumably advise against buying it with the subsidence, But you can still proceed if you choose.
He got sorted today eventually with the house insurance, minus subsidence cover.
Down the road I guess you could try switching insurer to one which doesn’t know of the subsidence and hope they don’t ask for an engineer’s report…
I wonder is the discount enough to buffer against potential remedial works down the line. Hope so. 