We were recently asked by a client to provide our advice regarding a structural concern reported in a survey that the sellers claim to have no previous knowledge of although their insurance premium is really high. Should they proceed with the purchase? Our conveyancing team share their thoughts.
Q: We are first-time buyers who have found our dream house, a refurbished Victorian property. The survey has revealed a crack in the outside load-bearing wall which the current owners say they know nothing about.
It is clear from the brickwork that there has been a poor attempt at repair at some stage. We also know the sellers removed a large tree from the garden, and their insurance premium is really high, but they haven't given a reason why.
Should we walk away or continue with the purchase? We have been told there could be a problem insuring the property.
A: We would recommend finding out as much as possible about the cracking, its cause, and what the sellers or their predecessors have done about it.
As part of the conveyancing process the sellers should complete a property information form, giving full details regarding high premiums, excesses and claims. There is section which also asks if there are warranties or guarantees for underpinning which may be relevant if the cracking is due to the property suffering subsidence.
Your solicitor should be raising specific enquiries of the sellers' solicitors to find out about the cause of the cracking and why the sellers' insurance is expensive. The cracking may have been due to the roots of the tree that was removed, or to something else, but if you are aware of the issues you can decide whether to take them on.
It would be wise to have a structural engineer's report, which could help with regard to buildings insurance. Do make sure that you can get insurance on normal terms.
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