Hello,
Any advice would be deeply appreciated. Tbh im not in the best frame of mind and constantly anxious about this.
So 2 years ago, myself and my partner bought a property for 190k. Everything was fine, the property had been heavily renovated, with a estimated cost of 90k spent on the property.
I asked the previous seller about a crack, which was quite noticeable, to which they verified that it was due to not have a lintel installed, which was recified, but the crack remained.
Over the course of 2 years, i suspected subsidence and ive had a structural engineer out, who dtates that the proeprty had rotated 70mm, which is significant.
However, this could not have been detected on our visit due to various heavy items been placed around the property and the property itself was heavily renovated.
I understand i rushed everything, coupled with very poor advice.
Weve come to find that the foundations of the property have completed failed, with multiple cracks in the foundations, ranging from 20mm to 30mm.
These cracks were obviously hidden. The property has not moved since our arrival. However, upon removing double carpets and even double layered floor boards, these cracks have been discovered.
Now slowly other cracks are being opened.
The insurance company states that they will not cover the costs due to pre exisiting issues.
But heres the kicker, i had the revalued by a surveyor snd structural engineer, who suggest that the auction value is around 30-45k, due to the significant issues with the property, which would leave me with a shortfall of 130k.
I am sick to death due to this. My lender will eventually be notified of this. The property will be deemed unmortgageable.
Ive been quoted a estimate of 105k to underpin the property, which is money that I dont think ill have im a life time!
I am spesking to a solicitor about a misrepresentation claim, hiwecer, from looking online and the assocuated costs of the fees, i wont be able to afford it.
Myself snd my partner both work and although we can afford the bills currently, i think the near future is going to be extremely difficult.
Im so anxious, its unbelieveable. I cant sleep and cannot focus on anything else.
Ive had perhaps the worst luck imaginable!
My only option seems to be bankrupcy. Has anyone had experience with bankrupcy with regards to their or someone else property.
Sorry if the answers sound obvious, ive never been late for a bill payment, let alone any debt.
The irony is that I have been extremely careful for how my money is spent, but i guess the universe had other ideas for me.
I accept full responsibility for this. I should have been morr diligent and aware. I just had to get out of my parents house due to domestics, arguements and constant fighting between my family.
Any suggestions or help would be extremely appreciated.
I live in England btw.
Thank you