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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

The property market is open for business and so are we

 

Not quite the start to the New Year we had all been hoping for, but in many ways it was inevitable. Fortunately, unlike the first lockdown, WeBuyProperty welcomes the news that the property market can remain open for business.  This is a huge relief for many home movers. With thousands of property transactions currently in the pipeline to complete before the end of the stamp duty holiday, shutting down the market would have created an avalanche of transaction fall throughs.

Operating as Normal

Estate agents, removal firms, and tradespeople who need to attend people’s houses are able to continue operating whilst adhering to strict safety and social distancing rules. Of course, there is likely to be increased caution whilst the new strain of Coronavirus is so prevalent, with homeowners less willing to permit several house viewings. This may lead to some properties being taken off the market for now.

The biggest challenge is going to be getting all the current transactions over the line before the stamp duty holiday ends on 31 March. Many mortgage lenders, surveyors and conveyancers are already at maximum capacity with current applications.  Despite the property market remaining open, the latest lockdown will inevitably cause some delays with more people working from home.

Those most impacted will be buyers who would not have the funds to complete a purchase if it meant they would incur extra costs due to missing the Stamp Duty deadline. There have been calls on the Government to extend the deadline or phase the holiday period out on a sliding scale rather than a hard deadline. However, so far, the Government has rejected calls to extend it.

Demand shows no signs of slowing yet and positive news for prospective vendors is that the sales price growth reached a six-year high of 7.3 per cent in December, according to the Nationwide House Price Index, making six consecutive months of jumps in the rate of annual price growth.

If you want/need to sell your house fast in London but do not want physical viewings of your home, or you are concerned that your current chain may fall through and need to complete before the Stamp Duty holiday, we are here to help you. WeBuyProperty is fully operational and has the ability to transact property sales in a matter of weeks.

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