Will we live to regret buying a property with a subsidence claim?
My family and I have found the perfect flat, in a great area at a great price, but we were soon informed that there has been a subsidence claim and that it is likely that at some point the mansion block will have to be underpinned and that could mean moving out for up to six months (covered by insurance). We put in an offer anyways 10% under asking price, keeping in mind the property was already at a discount considering the area and size because of the subsidence, and it was accepted. However, our solicitor has indicated that they think this isn’t a good idea: ‘There is a considerable risk buying a property with subsidence issues. Why are you proceeding with this property? If you do proceed then only to do so once the subsidence work is done as we do not know how long it is going to take, or even if when the work is done and signed off the property will be insurable.’ The seller has told us that he is in no rush to sell and is equally happy to wait until the subsidence work is done to sell at a much higher price (he’s not in a chain and the property has been on the market for a while, likely because mortgages are hard to get in this case). We will of course be getting a structural engineer in to do our own survey and will insist on seeing all the current reports. In the case that these are satisfactory and we are happy to accept the likely event of having to move out for an extended period of time is this truly such a big risk? The area we are looking in has a lot of old mansion blocks where subsidence is not unusual, so I would hate to turn down this property just for it to happen somewhere else anyways. Additionally, thinking of the silver linings, we could take advantage of major works in order to do some renovations at the same time, which we’d like to do regardless.
If there was another flat with similar specs and within our budget then I would 100% not take the risk, but we really have not seen anything like it so I want to know what people think, is the solicitor simply playing devil’s advocate or are we being too naive and optimistic?