Is it OK to buy a house that has been underpinned?
It is possible to buy and sell property that has been underpinned, however it can often lead to complications with insurance companies for both the buyer and the seller. Normally, underpinning is required when the structure of a property moves (subsidence) and the foundations need to be repaired.
Does underpinning affect house value?
Underpinning will devalue a property but by how much will depend upon how severe the subsidence was and also how recently it occurred. As a general estimate underpinned property is worth around 20-25% less. Despite it being worth less, don’t let the fact the property has been underpinned put you off.
How long does underpinning a house last?
In the absence of new issues, however, underpinning is likely to last for the building’s natural life — as long as it’s been expertly installed in the first place.
Is it worth buying a house with subsidence?
One of the big fears with subsidence is that the property will become impossible to insure, or that insurance premiums will rocket. This can be true; buildings with a history of subsidence can attract much higher excesses and rises of 20%, 25% or even 30% on standard premiums.
How much does subsidence devalue a property?
How much does subsidence devalue a property? Issues with subsidence can affect the selling price of a property by around 20%.
Does underpinning come with a guarantee?
Many contractors will now offer a guarantee for underpinning works carried out to rectify a specific subsidence problem. These might be good for a designated period of time, and will go a long way toward demonstrating a reduction in risk.
How many years do you have to declare subsidence?
There is no statute of limitation for subsidence claims – I have to notify any potential insurers of the claim forever. However, builders, insurance companies, surveyors and anyone else involved, by law, only need to keep records of the claim for seven years.
How much does it cost to fix subsidence UK?
The process can be lengthy and expensive, costing anywhere between £5,000 and £50,000 depending on the size of the property and the extent of the damage. Though figures differ, it is estimated that as few as only 10% of properties suffering from subsidence will require underpinning.
Is underpinning permanent?
Is Underpinning a permanent solution? While nothing is absolutely permanent, underpinning is a solution that should last. It is also a solution that can help with foundation settlement. Underpinning with piers allows us to lift and level the foundation as well.
Is an underpinned House a problem?
Buying a property that has previously been underpinned shouldn’t cause an issue with your mortgage, as long as a full structural survey reveals no further problems with the property’s structure.
Is there an alternative to underpinning?
The use of micropiles and jet grouting are becoming common methods in modern underpinning. There are alternatives to underpinning, the strengthening of the soil by using special grout, including expanding urethane-based engineered structural resins.