Negative survey

TIGASH

I am  a FTB and currently buying 1920's terrace house. It requires a new kitchen, bathroom and decoration. It was a rental property until recently but interior looks in good condition. Because of the age of the property it was reccomended getting a damp survey. 

My mortgage offer came through last week and the damp survey report came through on Christmas eve. (Great timing) 

On reading the report and being a complete novice none of it sounds good. It is estimated between 8k-10k worth of work required. And between 4-8 weeks work.

Penetrating damp has been found along the whole of the front facing wall. It requires new render, new windows, plaster taking off the whole front wall and replaster. 

The dpc has been covered on front wall by increased pavement, so will also require a newly designed waterproofing outlay. Because of this The chimney needs to dried out as well. 

I suppose my questions:

Should I go back to sellers and ask for reduction or walk away? 

I haven't had a home buyers survey yet, should I continue with this? 

I've seen another property which also ticks all my boxes, how hard is it to transfer a mortgage offer? ( nationwide is my lender)

I haven't exchanged yet....I'm still at the searches stage. 

As u can imagine it's been a worrisome few days especially that everyone is closed for nearly two weeks. 

Any comments, guidance, support greatly received.

Thanks

Sunsaru

I would walk away personally. You can ask them for a reduction but you'll still have to find the money to get it sorted. 

You can transfer the mortgage offer but if they have already done a valuation then you'll have to pay for a new valuation ( about £200-300) Easily done. 

Stop the searches and don't waste your money on a survey if you've seen something else you like. 

Just my thoughts.

TIGASH

Thank you for your reply....I emailed the solicitor stating I now need to reevaluate my decision based on the new information. I will contact him by phone on the 4th of Jan when he opens. 


It's so disappointing especially at Christmas. 

Sunsaru

It happens but that is just house buying in general. I went for 4 houses during my search in 2020, 1 went almost to exchange before issues were found and I had to pull out.

Enjoy your xmas break, take stock and get ready to go again in the new year

FreeBear

TIGASH said: Penetrating damp has been found along the whole of the front facing wall. It requires new render, new windows, plaster taking off the whole front wall and replaster. 

The dpc has been covered on front wall by increased pavement, so will also require a newly designed waterproofing outlay. Because of this The chimney needs to dried out as well.

If the DPC has been bridged by the paving, then a french drain needs to be installed. Alternatively, the paving removed and lowered. This may not be possible if it is a council maintained pavement, in which case, look for another property. Chemical injections in the wall and waterproof render/plaster (the usual "fix" for this) will only mask the problem for a few years and will need doing again in 10-15 years time.

If you are removing more than 25% of render or plaster on external walls, building regulations kick in and you would be required to add insulation to the walls - Not a bad thing as it improves the thermal performance of the property. Downside is it is an added expense, and if not done right, can cause additional problems.

canaldumidi

I 2nd the recomendations above to walk away. You should only go ahead if

* you can get a suitable reduction in price (or the original price reflects the market value in the current condition), AND

* you are willing to oversee the work required AND

* you are either suficiently knowledgable about property renovation (which seems unlikely from your post), or willing and keen to learn

firsttimebuyer15

TIGASH said:

I am  a FTB and currently buying 1920's terrace house. It requires a new kitchen, bathroom and decoration. It was a rental property until recently but interior looks in good condition. Because of the age of the property it was reccomended getting a damp survey. 

My mortgage offer came through last week and the damp survey report came through on Christmas eve. (Great timing) 

On reading the report and being a complete novice none of it sounds good. It is estimated between 8k-10k worth of work required. And between 4-8 weeks work.

Penetrating damp has been found along the whole of the front facing wall. It requires new render, new windows, plaster taking off the whole front wall and replaster. 

The dpc has been covered on front wall by increased pavement, so will also require a newly designed waterproofing outlay. Because of this The chimney needs to dried out as well. 

I suppose my questions:

Should I go back to sellers and ask for reduction or walk away? 

I haven't had a home buyers survey yet, should I continue with this? 

I've seen another property which also ticks all my boxes, how hard is it to transfer a mortgage offer? ( nationwide is my lender)

I haven't exchanged yet....I'm still at the searches stage. 

As u can imagine it's been a worrisome few days especially that everyone is closed for nearly two weeks. 

Any comments, guidance, support greatly received.

Thanks

Has your lender indicated if they would still release funds prior to the work being carried out?

TIGASH

Sunsaru said:

It happens but that is just house buying in general. I went for 4 houses during my search in 2020, 1 went almost to exchange before issues were found and I had to pull out.

Enjoy your xmas break, take stock and get ready to go again in the new year

Thanks for your reply...its reassuring to know that these things happen. 

TIGASH

firsttimebuyer15 said:

TIGASH said:

I am  a FTB and currently buying 1920's terrace house. It requires a new kitchen, bathroom and decoration. It was a rental property until recently but interior looks in good condition. Because of the age of the property it was reccomended getting a damp survey. 

My mortgage offer came through last week and the damp survey report came through on Christmas eve. (Great timing) 

On reading the report and being a complete novice none of it sounds good. It is estimated between 8k-10k worth of work required. And between 4-8 weeks work.

Penetrating damp has been found along the whole of the front facing wall. It requires new render, new windows, plaster taking off the whole front wall and replaster. 

The dpc has been covered on front wall by increased pavement, so will also require a newly designed waterproofing outlay. Because of this The chimney needs to dried out as well. 

I suppose my questions:

Should I go back to sellers and ask for reduction or walk away? 

I haven't had a home buyers survey yet, should I continue with this? 

I've seen another property which also ticks all my boxes, how hard is it to transfer a mortgage offer? ( nationwide is my lender)

I haven't exchanged yet....I'm still at the searches stage. 

As u can imagine it's been a worrisome few days especially that everyone is closed for nearly two weeks. 

Any comments, guidance, support greatly received.

Thanks

Has your lender indicated if they would still release funds prior to the work being carried out?

The lender doesn't know....I found out about the damp the day before Christmas eve so mortgage advisor, solicitor and damp surveyor all off on holidays. 

I have even paid for the home buyers survey to be carried out in new year. So this could technically throw some more problems up. 

TIGASH

Thank you everyone for there replies. 

I have decided to walk away and have emailed the solicitor now to indicate that. All the services (mortgage brooker,solicitor etc)will be closed until the new year so unfortunately can't do very much. 

Fingers crossed new house will be found and switching mortgage won't be hard. 

FreeBear

Got a rightmove link that you care to share ?