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Subsidence occurs when there is a downward movement of the ground that supports a building and can cause problems when it comes to selling your home! It is important to act quickly if you believe you have property subsidence so appropriate measures can be taken to rectify the matter.
Below we take a detailed look at the implications of House Subsidence and what may cause subsidence in a property. We investigate the problems subsidence can create when it comes to property selling, and we also discuss what the signs of subsidence are and what to look our for when diagnosing subsidence.
Finally we look at subsidence risk reduction and the measures you should take before selling a property with subsidence together with how Shire Direct can help with mortgage funding when your subsidence problems are fixed!
Table of Contents:
So what is House Subsidence exactly? Well, Subsidence can probably be best defined or described as the downward movement of the ground support to a building. Particular problems can arise with House Subsidence where the movement varies between different parts of the building.
Its extremely important that you should seek professional specialist help immediately should you have house subsidence problems, so that the appropriate work can take place to resolve the matter, and that any subsidence problem you may have doesn't escalate to the point where it cannot be rectified.
If your property does have subsidence problems, you may find you'll have great difficulty in selling it. Subsidence problems will devalue your home and many Mortgage Lenders won't be happy to finance a property that has subsidence damage, until all subsidence issues are resolved.
So what is the cause of subsidence in a property? Well, we'll take a look next.
'So, what is the cause of house subsidence?' you might well be asking. Well subsidence in a property can occur for a number of reasons, such as:
So how do I go about diagnosing subsidence, and what is the first sign of subsidence, and is there anything else I should look out for? And what should I do if I do have house subsidence?
Well these are all good and very valid points which you'll naturally and understandably be concerned by if you think you may have a subsidence problem.
Let's have a look at diagnosing subsidence and tell-tale signs of subsidence problems which could include one or more of the following:
'So what should I do if I believe I have house subsidence problems?'. If any of the above problems do become apparent in your home, then its important you seek professional specialist help as soon as possible, as it is quite possible that you may have house subsidence. If it is subsidence, then the appropriate remedies should be commenced without delay. You'll be pleased to know that most forms of subsidence can actually be rectified - so don't panic too much!
So after having read about subsidence problems and the difficulties they can create you may be interested to know about ways you can minimise the subsidence risk. There are a few simple measures that can be taken to reduce the risk of subsidence and structural damage:
Buildings Insurance cover will generally cover damage caused by subsidence, heave or landslip. The extent of the cover will depend on the terms and conditions, limitations and exclusions of your insurance policy, which should set out what you are covered for, and what is not.
You must contact your insurers as soon as you think you may have a house subsidence problem, they in turn will arrange for a specialist inspection, and keep you informed of developments as they arise. Some providers ask you to contact a specialist structural engineer to investigate the problem, which will often include monitoring cracks and other signs of movement over a period of time.
Once the information has been gathered from a specialist inspection or Structural Engineer, the best method of rectifying subsidence problems can be established which may include:
We certainly can! We are authorised and regulated by the Financial Services Authority to advise and arrange insurance products, and our advisors will be more than happy to discuss your requirements with you.
So, you've suffered the nightmare of house subsidence problems but have managed to get them remedied and been given the all clear by a specialist, and now you are thinking about finding a new home and require mortgage funding, can we help you may be asking...
Absolutely, is the answer!
We will provide you with advice and a recommendation on a mortgage product drawn from our extensive portfolio of lenders and plans contained within our lender panels that are designed to cover your requirements, needs, circumstances, and aspirations - whatever your circumstances!
As you might have already found, the mortgage marketplace of today is extremely complex, and finding and selecting the right mortgage product to suit your needs can seem daunting to say the least. That's where Shire Direct can step in and help! Our lender panels are geared to provide a wide array of different mortgage products to suit different circumstances and requirements, to enable us to provide the most appropriate scheme for you.
We're confident that you will find our approach to be pragmatic and slick. We'll provide you with a rapid in-principle decision, and we work closely with the lender, solicitor and property valuer to ensure we achieve a suitable offer of mortgage as quickly as possible.
There's a tremendous range of mortgage products in the marketplace these days, and our lender panels provide our customers with a wealth of choice, such as Flexible Mortgages, Fixed Rate Mortgages, Cash Back Mortgages, 125% Mortgage Schemes, Base Rate Tracker Mortgages, Standard Variable Mortgages, Bridging Finance and even Commercial Finance .
Advice and service always come first at Shire Direct as we believe arranging the right mortgage for you is vital! The first thing we always do is get to understand your needs, requirements, aspirations and circumstances. Afterall, a Mortgage is quite likely to be the largest financial transaction you'll ever enter into, and ensuring your mortgage product is right for you is crucial!
Why not Contact Us?! You'll find our service to be friendly, professional and helpful and we have the approach, skills, experience and the products to help even in the trickiest of circumstances!
Our professionally qualified mortgage advisors are available up until 10pm daily (including both Saturdays and Sundays) on Freephone 08000 282 281, and await your call with a warm welcome, alternatively you may prefer to enquire online at any time - it's quick and easy to do.
So that wraps up our look at House Subsidence Problems, and it's potential causes and solutions, we hope you found it to be useful. Don't forget, you'll find much more useful mortgage information throughout our website, and that we're only ever a free telephone call or a couple of mouse clicks away and would love to hear from you if you think we can help.
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THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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