A mid-terrace Victorian home in Hackney was worth the £550, 000 asking price, according to a Building Survey* in London.
(*note that Building Surveys do not by default include a valuation like a HomeBuyer Report. However the surveyor will provide a valuation with A Building Survey if specifically requested)
However, the Chartered Surveyor added that some further investigations were required to ensure the buyer was not taking on the burden of significant remedial works.
Listed home shows regular ageing in Building Survey in London
The home was probably listed, said the Chartered Surveyor as it was built around 1860. As with many homes of the era it had problems with:
- Leaking parapets
- Rotten sash windows
- Old wiring
- Cracked plaster
- Possible severe structural movement
- Leaking gutters
Particularly difficult for the buyer to fix would be the sash windows. Moisture had caused wet rot in the timber. The Surveyor recommended that a competent person be asked to quote for replacement of the windows. This could represent a significant cost.
In addition, cracks as wide as 5-15mm were found running diagonally from the ground to the second floor of the four-storey building. The Surveyor regarded this as a concern, possibly a major one. A sloping floor and bulging external wall heightened his concern.
This may well be a sign of structural movement he said in his Building Survey in London report. London homes are renowned for foundation problems due to clay soil. The Surveyor recommended a structural engineer be contacted immediately as there may be a need for costly remedial repairs.
London Building Survey finds the ‘People’s Park’ on front doorstep
The property benefited from its proximity to Victoria Park, Hackney. The home could practically claim the parkland as its front garden.
‘The People’s Park’, as it is colloquially known, stretches over 86 hectares of East London. During the period when the subject of this London Building Survey was being constructed, Victoria Park was a recreational destination for the East End’s working classes. For some, the park would be the largest area of greenery they ever encountered.
Apart from ponds, lawns and a number of historical features, the park hosts open-air concerts during the summer. Time Out Magazine named it London’s best local park in 2008.
Given its superb location, the buyer would have been very keen to complete a sale on this property. This Building Survey in London added a degree of caution that may have saved the buyer thousands.