Remortgage damp issue

swaite78

Hi!
So hoping to raise some cash on a little rental I own outright, the survey picked up on a damp issue that I was aware of. Whilst my property has a full damp course the damp itself is creeping through in one corner via the neighbours house.

The owner of the neighbouring property also owns the letting agents I use for my properties.  He has agreed to meet me halfway on costs only if we use the company his letting agency uses. Whilst the company actually has great reviews online they are something called CSRT registered.  Will this be acceptable to my lender (Virgin) or will
I have to use a different registered tradesman?

K_S

What happened post valuation? Did the valuer mark it as inadequate security for the mortgage and Virgin decline the application?

If so and you want to fix the issue I don't see what Virgin has to do with the contractor you use.

As long as the next valuer is happy with the post-repair condition, it should be fine. Though clearly you may not get great value if you use a contractor associated with the other party.

swaite78

Thanks for the reply, the value im asking for is way below the value of the property,  initially they said they would withhold 2k on the mortgage then they would pay upon proof of repairs within 6 months, but now they came back and said they want proof of repairs I.e. receipt of work being completed before they approve the mortgage 

K_S

swaite78 said:

Thanks for the reply, the value im asking for is way below the value of the property,  initially they said they would withhold 2k on the mortgage then they would pay upon proof of repairs within 6 months, but now they came back and said they want proof of repairs I.e. receipt of work being completed before they approve the mortgage 

Alright. In that case, as long as the letter saying that they want proof of repairs doesn't specify that the contractor should have specific qualifications it should be fine to use who you want. Mind you they may require a further valuation visit to confirm that the work has been done to their satisfaction.

swaite78

Thank you mate, yea I plan on getting damp course in that area then replastering etc. Just annoying because I paid 3k when I renovated the place to dig the floor out and put a heavy duty damp film in

MWT

Get at least one other quote for the work just to make sure your neighbour isn't sticking you with the entire bill by way of his existing business relationship with the company he insists on using...