Auction Property

My New Build Disappointment – Subsidence and Insurance Risks!

Today I went to see a new build (well newish) flat in Kent. I don’t ordinarily go for properties like this as they are difficult to add value to, but the guide price got me – just £95k for a 2 bed in this sought after area.

I rolled up at the apartment block and was pleasantly surprised by the attractive build of the block.

The communal areas were well maintained and there were plenty of notices which showed the block had active management in place….

I was about to walk up to the first floor to the flat being auctioned when I stopped in my tracks….on the ground floor I suddenly saw these cracks by the entrance to the flat underneath the one for sale.

I’m not an expert but that certainly doesn’t look good….then I got outside the flat and saw these….which carried on into the hallway of the flat.

I was so disappointed the flat was immaculate inside – it had cream carpets and neutral walls and was ready to go

So then I figured I would have a look outside and see if there were any cracks on the walls outside….hmmm this didn’t look right…and the cracks internally matched where this joint was outside:

I then emailed photos of the flat to my friend who’s a building surveyor…

The reply said:

“WALK AWAY!!!!!!!”

The external mastic strips are expansion joints, which look suspiciously
like they have been inserted after completion to try and rectify a fault.

My suspicious mind tells me it is coming to the end of the 10 year NHBC
warranty OR there is / has been an insurance claim on the property, meaning
can’t get a mortgage”

OH this property investing lark is such hard work – I found the cleanest, easiest flat ever and I am being told to WALK AWAY!

GRRRR how boring ;(

    1. Sam

      It sold for 105k – not sure whether that was just a BTL investor or a first time buyer. On paper it looks a bargain – but really if you had seen it and the problems NO!

    2. Sam

      Just to update you – I have now seen this property has been entered again into another auction – obviously somebody is trying to offload this “cracking” nighmare!!

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