Obtaining a mortgage on a property with 'Severe damp'

RD17

Hi all!

I have had an offer accepted on a house that requires a lot of work. I intend on gutting the house, extending and fully modernising it to bring it up to the current standard.

Natwest appointed legal and general to value the property. Legal and general stated that they were unable to value the property due to damp and advised that a specialist damp and timber report was carried out.

So I had a specialist in and they quoted £3500.00, stating that it was typical of the age of the property and it was not severe.

I have since been in touch with the vendor and managed to obtain £15000.00 (fifteen) off of my offer price.

In response legal and general have come back and said this:

Due to the levels and severity of the dampness and the fact that Natwest do not hold retentions, we recommend that the damp is treated prior to lending.

I can prove that I have funds to treat the damp, and further funds for the renovation works, and I have also explained the reduction in price, however, Natwest do not seem to be interested.

I cannot justify treating the damp prior to lending as I do not currently own the property and treating it as the house stands will just mean ripping half of it out when I renovate the property.

Where does this leave me in regards to obtaining a mortgage from other lenders? Are there any lenders that will offer a retention? Has anybody else been through a similar scenario?

I don't want to keep paying out money for valuations if they are not going to get me anywhere.

I would still very much like to buy the house, surely some lenders will lend on an older house with a bit of damp?

Any help would be appreciated!

Thanks,
RD17

Ed_Zep

Hi RD17,

my previous house (a traditional 1940s 3 bedroom semi) had damp in one wall in particular.

I had to get it treated because of a retention on the vendor's mortgage and that was the Halifax Building Society (I hope that helps). This was about three years ago.

These "specialist damp surveyors" will usually put a two-pronged meter up to the wall which will beep and the guy will say "it's rising damp". There are many people on here who will agree with me that drilling the mortar joins and injecting the wall (which anyone can do) and then replastering up to a metre is not the answer but this is probably what will be done.

In my old house the damp was probably caused by the extension to the kitchen and concrete floors forcing water into the wall. There was also rendering outside not letting the walls breathe. There are many reasons why it can happen.

However, as you've managed to get a nice reduction on the house purchase you've done well. I hope the renovation goes to plan. Just be prepared to get a second opinion on the damp issue.

Ed.

ReadingTim

Use a mortgage broker to find another lender who might be prepared to lend - seems to be more of a problem with NatWest than the property...

RD17

Thanks for the replies guys. Appointments booked with other lenders!

Cheers
RD17