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Selling a home with Subsidence

Whether your property had subsidence in the past or you have just recently found out that there is a problem, it is no doubt causing you a headache.  Subsidence can not only be expensive to resolve but it can significantly push up insurance premiums and affect the saleability of a property. In extreme cases, subsidence damage can result in houses being uninhabitable while repairs are being carried out.

What is Subsidence? 

Subsidence is the downward movement of the ground supporting the building, meaning the foundations under your house become misaligned through sinking or caving in, threatening the structural integrity of the building.  Typically, it is most problematic in the warmer months as the lack of rain causes shrinkage of clay soils which expand and contract with changes in their moisture content.

Subsidence damage to buildings is most commonly identified by cracks in walls which are visible from both inside and outside the property, wider than 3mm, tapered and extending below the damp proof course.

Whilst it is not impossible to sell a home that has had, or currently has, subsidence, it can make it more challenging.  You will need a survey on your property to know whether the subsidence is historical or ongoing and the extent of it.

If it is historical then no improvements will need to be made.  However, this information will have to be disclosed to an estate agent if you are looking to sell, who in turn must inform any prospective buyers.

Unfortunately, subsidence can put some buyers off, even if it is historical and therefore can affect the selling price by approximately 20%, depending on the severity.

If you’re struggling to sell your home with historical or current subsidence, WeBuyProperty will give you a valuation to buy your home for cash and take the stress out of trying to sell.

To get in contact with a member of our team;

Phone number: 0207 449 9797
Email: info@webuyproperty.com

Problems selling when your property chain collapses

A property chain is when a number of buyers and sellers are linked together because each of their transactions depend on one another. For example, a buyer needs to complete the sale on their current home in order to finance the purchase of their new home.

A chain begins with a buyer who does not need to sell anything, for example, a first time buyer or investor, and ends with someone who is selling but not going on to buy another property, for example, they are moving abroad or selling the home of a relative who has passed away.
A chain is then made up of all the properties being bought and sold in between this, and can involve several properties which must all transact at a similar time so that those involved can move to their new property.

Problems occur when one link in the chain holds up the moving process for everyone, such as when a buyer in the middle of a chain suddenly finds out they cannot get the mortgage they need or perhaps they have to pull out of a sale for personal reasons. This can result in the whole chain breaking down and having to start from the beginning of the process.

In addition to a chain being made up of numerous buyers and sellers, each of these will be working with different estate agents, surveyors, solicitors and mortgage lenders. A smooth moving process relies on all of these parties working to a similar timeframe and with one another.

For some people, a property chain breaking down is not just extremely disappointing but can be disastrous if they are in a position where they have to move by a certain time.
As move closer to the end of the Stamp Duty holiday (on properties up to £500,000) which ends on 31st March 2021, more people are concerned about their transactions falling through, meaning they would have to pay more Stamp Duty.

Most recently, WeBuyProperty stepped in to help a homeowner whose buyer had pulled out at the last minute. The couple had to relocate due to a new job and needed to do so quickly to ensure their child was at her new school for the start of the academic year. They were unable to find a new buyer quickly enough so we purchased the property from them, effectively becoming the end of the chain.

Unfortunately, there is not much you can do if the property chain breaks. In addition to the disappointment, buyers can lose legal fees, surveying costs and their mortgage arrangement. If the transaction has already exchanged, the buyer will also lose their deposit.

If your transaction has slowed and you are concerned there is a chance your chain may break down, speak to your estate agent and get an update as soon as possible. If your chain has already broken and you need to move quickly, we may be able to help with a cash purchase.

Why not get in touch with a member of our team and see how we can help you!

Phone number: 0207 449 9797
Email: info@webuyproperty.com