X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    Subsidence

    Hi

    I have recently bought a BTL flat at auction without undertaking a survey. I have since found out that the communal areas/gardens have subsidence which is not covered by my buildings insurance because its historical (pre-existing). Leaseholders are responsible for buildings insurance and all building repairs. I appreciate money needs to be spent.  I have 3 other leaseholders to deal with. What are my next steps?

    0
    0

    If its not covered by the buildings insurance , you’d have to question why a claim was not made previously, it seems that there is little interest from the other leaseholders, is the freeholder “absent”?, how much time effort and money are you prepared to put in?what are the current managment arrangements for building? What experience do you have dealing with surveyors,builders, fellow leaseholders,management agents etc etc?

    May well be better to , put it back in the auction , then accept the loss as a valuable lesson learnt the hard way. Maybe look at wether the vendor was less than honest  and if you have any redress.

    or if the subsidence is not getting worse , live with it and accept your purchase is not likely to gain much if any value, but still habitable and safe. If so still rent it out.

    0
    0

    One of the leaseholders owned 3 of the flats for a number of years. He was trying to buy the freehold and when that failed sold two of the flats this year. The freeholder wants the neglected areas repaired, which is understandable otherwise will revoke the leases.

    Unfortunately, I have plenty of time and a contingency - its just aggravation, which is what you get when you buy at auction blind and the vendor did not disclose a thing.

    The affected areas does not affect my rental income and is nowhere near my flat.

    0
    0

    In which case, i’d be seeking legal advice as to whether the issue should have been disclosed and act if needed, in the meantime get flat rented, then start a dialogue with the other leaseholders and freeholder, norhing is insurmountable. Whilst i have no legal knowledge, can’t see lease revocation being the freeholders best option.


    0
    0

    Did you view the property and if so did you see the subsidence?  If not, is it that the subsidence was / is not that severe? Are the other leaseholders concerned about it?

    Have you or any of the other leaseholders commissioned a survey? Do you or any of the other leaseholders have any idea what needs to be done / how much it will cost to fix?


    0
    0

     Unfortunately I didn't view it - bad mistake! But the flat itself is lovely!

    I am looking into a detailed report from a Structural Surveyor. The repairs are not that bad but I think because they've been previously repaired without involving any insurance company, its now going to be painstakingly difficult and expensive. Happy days


    0
    0

    Probably that's why it went to auction. Could not find a buyer due to the problem. An expensive mistake!!

    0
    0

    It's not a major exercise and I have a contingency - lets hope its enough!

    0
    0