Help: property with tanking system

Susan_Morgan

Hi All,

I’m a first time buyer with an offer accepted at £560k on a London (zone 2), 2 bed detached house built 9 years ago. I’m at the point where I’m having serious 2nd thoughts as to the future investment potential and sellability of this property because of the quirky structure.

The property is approximately 1 metre below ground level with a tanking system re-installed (last attempt at tanking failed) + pump that was put in to damp proof the ground floor (this is a two storey house). I understand tanking is common with basement type builds and cellars. I’ve done my homework so far as to check out the 10 year guarantee from the company who installed the system. Annual servicing of pumps is required for guarantee to remain valid (circa £300 pa).

Is this property a bad investment? Does anybody have any experience with damp proof tanking systems in their properties? How reliable are they and will it put off other buyers in the future when I come to selling?

I've searched through the forums and google to find other’s experience on this but had no luck. I would really appreciate help on this one before it’s too late to change my mind.

TLDR: buying 2 bed London house at £560k with tanking system + pump, is system reliable? Bad investment? Would this sell in the future?

Many thanks,

Susan

FreeBear

Susan_Morgan wrote: »

Is this property a bad investment? Does anybody have any experience with damp proof tanking systems in their properties? How reliable are they and will it put off other buyers in the future when I come to selling?

It would certainly put me off both owning and living in a property like this. As the tanking has been installed in an attempt to rectify a faulty build, I would be asking "what other corners have been cut" and how much will it cost to redo the tanking when it fails again.

Unless the existing warranty is backed by an insurance policy, the current guarantee isn't worth the paper it is written on - You'll probably find a whole host of cop out clauses buried in the small print.

AdrianC

Susan_Morgan wrote: »

The property is approximately 1 metre below ground level with a tanking system re-installed (last attempt at tanking failed) + pump that was put in to damp proof the ground floor

The pump doesn't "damp-proof" anything. It removes the water that's got past the failed damp-proofing.

As far as "good value?" goes, what would it be on the market for if it wasn't already half-submerged?

Albala

It's only 9 years old, and its tanking system has already 'failed' once? Personally I wouldn't buy it. But if the price reflects the risks, and it is common (I'd ask around about that one as it might be a local thing, I've never heard of it) I suppose it might be worth it to buyers in the future if it would be to you. How long has it been on the market as it is?

RedFraggle

I'd not buy it either. A tanked cellar is one thing but this would be a no for me. Have you checked how it affects the building insurance? Also is the guarantee insurance backed for if the company folds?

ethank

No thank you. Not for me. I would not buy.

FreeBear

RedFraggle wrote: »

Also is the guarantee insurance backed for if the company folds?

And only a ten year guarantee to boot - I would expect 30 years at least, so obviously the company has limited faith in the quality of the materials/workmanship and envisage returning to do the job again in 12 years time. Nice little earner for them.

Doozergirl

I wouldn't buy it.

It should have worked the first time. If it didn't, the only real option for me is to strip it all out and start again, but retrospective tanking still isn't as good as building something with it in the first place.

My good friends rented a beautiful, newly created flat with the bedrooms in the basement but I could smell damp from day one. It ruined all their clothes - they got mouldy just in the wardrobes. Eventually, the water showed itself and started coming up through the floor.

They had a pump too. There's not a chance that I'd be buying something that relied on a pump to keep the house dry - 99.999% of us can take being dry as a given.

Not a chance.

babyblade41

It's a no from me too..have you had a house insurance quote yet ??

Susan_Morgan

Thanks all, taking each comment in turn:

@FreeBear - thanks for your comments. The only insurance the property has is the standard LABC 10 yr warranty on new builds (plus your annual building insurance). I thought 10 years was a reasonable amount but when you think about what you expect the life of a property to be....you make a valid point. Also "what other corners have been cut" - this does make me wonder if its a job done by amateur builders.

@Adrian C - thanks for your comment. I am paying what the vendor paid for the property 3 years ago, He would not take any less but after the survey and with all the helpful comments on here, its clear I would be paying too much given the risk involved.

@Albala - thanks for your comment. The property had been on the market for about 8 months but given brexit hesitations and it seeming to be mroe of a buyers market I wasn't put off...but now it seems it may have been on for longer for other reasons.

@RedFraggle - thanks for your comment. I haven't found quotes for buildings insurance on this property but will certainly do so. The guarantee would be worthless if the company folds but I have researched into the company and the quality of the pump system used. I have also spoken to the perosn who carried out the work 2 years ago. I got comfort with details provided but ultimately only time would tell.

@ethank - thanks for your comment.

@Doozegirl - thanks for your comment. Highlighting your comment of "There's not a chance that I'd be buying something that relied on a pump to keep the house dry"....when you put it like that, I am grateful for you have shared the similar scenario your friends experienced.

I will do some more digging, but as a first time buyer and purchasing alone, I feel like this is a lot more risk than its worth.

Thank you all very much for your thoughts and advice, I think I may be back on the search again....

Susan_Morgan

babyblade41 wrote: »

It's a no from me too..have you had a house insurance quote yet ??

@babyblade41 - not had house insurance quote as yet. Me moving forward with this property seems more and more unlikely but to increase my knowledge, I will certainly still get a quote