Selling a property with subsidence damage
What is subsidence?
The word “subsidence” strikes fear into the heart of all homeowners. Subsidence is the term given when land underneath a property shrinks or caves in, and affects the structural integrity of the property. It can cause cracks to appear in the building’s walls.
Homeowners fear it because it can be very expensive to rectify.
If you are selling your property, your buyer’s lender will send out a valuer to undertake a valuation for lending purposes.This will not be an in-depth survey as the tell-tale signs of subsidence are relatively easy to spot .
How do I know if my property has subsidence?
Cracks in properties are common and are not always caused by subsidence, they can just be natural shrinkage or drying. However, you can identify subsidence cracks by looking for the following signs:
- They are thicker than a 10p coin (more than 3 mm wide).
- They are diagonal and wider at the top than at the bottom.
- They are visible on external walls and internal walls.
- They are typically found close to doors or windows.
- Doors and windows sticking because the frames are warped.
- Cracks where an extension is joined onto a property.
A property might not exhibit any signs of subsidence for many years, but following an unusually hot summer or drought, the ground can contract. This problem can be exacerbated if trees and shrubs are close to the property, as they can absorb a lot of water, drying out the ground even more.
Properties built on clay are particularly prone to this problem and are more likely to be at risk of subsidence.
How do I sell my property with subsidence?
If your property is exhibiting subsidence issues, then unfortunately you are going to find it very hard to sell.
Underpinning is often the best solution and this involves reinforcing the properties foundations which is an expensive and intrusive process.
Properties with a subsidence problem can only be sold to cash buyers like Open Property Group. This is because mortgage lenders will not lend on them unless the remedial works have been commissioned to a satisfactory standard.
Therefore, the vendor has two options:
- Accepting a lower offer from a cash buyer
- Paying for the subsidence to be treated and then hoping to get a higher sale price for the property, that will allow them to recoup their financial outlay of having the work undertaken.
If you are looking for a quick sale, then the latter is not really an option.
The good news is that we can offer a quick and hassle-free solution for those people looking to sell a property with subsidence. As professional property buyers with significant funds standing by, we buy property in England and Wales in any condition, even with structural problems. We are not fazed by subsidence so do not hesitate to contact us today and we can make you a no-obligation cash offer, usually within 48 hours of you contacting us.
Open Property Group have a mission to raise standards and improve customer experience when you choose a quick house sale.
Give us a call on 0800 990 3939 to receive a no-nonsense cash offer for your property or send us an email at email@example.com
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