Actually a "Torbay Palm" is not a palm. Properly called Cordyline australis, http://en.wikipedia.org/wiki/Cordyline_australis, or Cabbage tree, a native of New Zealand, it is more closely related to yuccas, orchids and hyacinths than to palms.

If you look at the volume of leaves it has atop it, you will realise that it is a tiny fraction of the typical leaf volume of a medium to large tree that we might worry is a subsidence risk, like my neighbour's maple with a trunk a foot across near my garage that my architect got worried about, because the building regs said he had to be. We built the garage on a raft so that the tree could not affect it, when the neighbour said he wanted to keep the tree (even though he likes it so much he butchers it each year). So the amount of water it is sucking up is, which is what it is all about, is a tiny fraction of a tree that is a genuine subsidence risk. So I really wouldn't worry about it.

Unless you have access to a jcb so that you can move a very large rootball, in practice, you won't be able to move it without killing it.

I've planted a real palm right next to my house, like a foot away, this one, which is very hardy. http://en.wikipedia.org/wiki/Chusan_palm Even with this real palm, the quantity of leaves that it has are so small in comparison to a worrisome tree that it is not a problem. I also have a fruit tree trained against my house wall. Ditto.