Historic Movement Of A Building

[HenryFord]

Hi. I have paid for a valuation survey on a property that states that the property suffered historic movement, but also states that it is longstanding and shows no signs of recent or continuing movement. All land / mining searches come back clear. After checking with a few people I am informed that on a house of this age (built circa 1840) this is very standard, as all houses will move slightly over time. There are certainly no indications that the building is moving and the mortgage has been approved with no retention. Please advise, Thanks

[The Builder]

Certainly not uncommon for a house of that vintage, Henry. I've come across this many times. This doesn't happen so much today, as we build on much better foundations. (Despite what you may hear from some.)

A house is a big, solid lump. Without a modern footing, many older houses settled almost immediately after construction was completed. They just find their resting place, so to speak. In fact, if it hasn't fallen down in almost 200 years, then it's not likely to. :o)

The fact that the (extremely cautious) surveyor approved it, is all you need to know.

[HenryFord]

Thanks 'The Builder'...much appreciate your answer. Do you know if the fact that the survey has mentioned historic movement may affect insurance?

[The Builder]

It shouldn't, Henry, but it will depend on the company. There's little logic or consistency with Insurers. Their stance will depend more on their previous experiences and current exposure to this kind of risk.

One company may run away, while plenty of others will see this as a perfectly acceptable risk. Shop around, or preferably, use a Broker.

[HenryFord]

Thanks again..

[Flonska]

Before shopping around for Insurance you may want to check with your mortgagor if they require you to insure the property with them or one of the companies on an approved list. In your favour, for any insurance, is the fact that your mortgage has been approved with no restrictions imposed in respect of the movement noted.

[HenryFord]

Thanks Flonska....good advice