Want to make an offer for a small flat, but has damp, worth going for it?

JK4158

I am in active search to buy a flat in London, FTB!
Saw a cute small victorian terrace flat lower ground (65sqm) in West London, needs some cosmetic work (need to refloor, repaint) but thought it was a good deal
EA told us there was a previous offer that did survey and all but fell out, so I inquired if any issues were highlighted in the previous survey.

Apparently damp was an issue and the vendor got a quote from damp proofing company (and thankfully shared this with us upon our request).

The report highlights timber floor and joists decay, wood boring insects found in areas etc and about 4k amount of work to be done to remediate this (add airbricks, timber treatment, damp proofing walls etc)

My concern is while I am ok with 4k of work, the report says it only did non-disruptive way of inspection, and that they were unable to detect with their eyes bc the floors are mostly heavily painted and said below
(1) visible building defects were noted such as defective chimney stacks and parapet walls (did not say what these were, but saying these are out of their scope…)
(2) significant rising damp noted internally with moisture level above 40%

Now I wonder if it’s worth making an offer for the flat and whether 4k would be the only costs required…

Is rising damp a serious problem that keeps coming back? Anyone has experience with it?

Thank you for any help, much appreciated

Boat_to_Bolivia

I think I'd run a mile from that property and re-new my search.

propertyrental

"Lower ground floor flat".
Anything below or partly below ground floor is going to be potentially damp. If the outside soil is against the walls you'll get penetrating (not rising) damp unless the property has been properly 'tanked' (google it).

And if the damp is such that it has caused visible joists to decay there's a good chance that invisible joists have also decayed.

I'd buy this flat if a) there was a significantly lower price than for similar pristine properties and b) I was happy to engage in a renovation

diystarter7

Hi OP

i watched hndreds of Homes under the hammer and we have bought several properties over the year and only one with damp.
Though we do them up to our own taste and the budget ends up being  always higher. I fear the 4k will not address the problem as there is going to a lot more work/materials etc as you intend to live there.

I'd get your own builder in for a more accurate quote, and if they go along with around 4k, then the ball is in your court.

Good luck

EndlessStruggle

Is the wood boring insect active?

Our mortgage company said this would have to be referred to the underwriters and they might require it to be treated as a mortgage condition.

Something to consider..

Also the 4k seems rather low... 

Personally, I'd walk away.

Who knows what else is going on, worst case you discover some wet/dry rot at a later date related to the damp...

I viewed a house recently where I suspected wet/dry rot in the skirting board near a long standing damp issue, they've now replaced the skirting board...

LegallyLandlord

I’d walk away too, and I’m a fan of Victorian houses. I currently have 3 Victorian buy to lets. None of them have damp and I would never buy one with damp like this.  Too much hassle. 

£4K doesn’t sound enough to sort it, and as you suspect, once they start uncovering things, you may find it’s even worse. 

There will be plenty of other Victorian flats that will come on the market in the new year that don’t have damp. And the prices might have even dropped further by then. 

youth_leader

I agree with other posters, I'd walk away.  

I've got a 1038 sq ft bungalow and didn't discover the wet/dry rot and woodworm until six months after purchase.  It cost me £11K inc VAT to get two full rooms, the hall way and part of the back bedroom/bathroom floors replaced.  I also had to pay £250 to have the shower removed, £250 to have the fitted wardrobe removed, £720 for storage of my beds etc  - and I obviously lost all of the carpets/underlay which will cost £3-£4K to replace. My clothes had gone mouldy in the wardrobe, and I'm sure my elderly dog has died prematurely because of the mould.

Section62

JK4158 said:

Apparently damp was an issue and the vendor got a quote from damp proofing company (and thankfully shared this with us upon our request).

The report highlights timber floor and joists decay, wood boring insects found in areas etc and about 4k amount of work to be done to remediate this (add airbricks, timber treatment, damp proofing walls etc)

My concern is while I am ok with 4k of work, the report says it only did non-disruptive way of inspection, and that they were unable to detect with their eyes bc the floors are mostly heavily painted and said below...

Giving you a copy of the report wasn't really something to be that thankful for.  'Reports' produced by damp proofing companies are notorious for being innaccurate - either finding problems which don't exist (but can earn them money for a 'cure'), or missing or under-estimating the impact/cost of fixing genuine problems.

£4k seems very cheap for the described work in the London area.  I'd suspect that if you commissioned them to do that work then there would be 'other problems' encountered once they lifted the floorboards and the bill would rapidly climb to something with at least five digits.  Them including the caveat of a "non-disruptive way of inspection" would allow them to increase costs based on what horrors they discover when allowed to look at the floor properly.

The report doesn't really provide a good basis for working out whether this property is a good buy or not - as the things described apply to almost every unmodernised Victorian property, and a good proportion of the modernised ones as well.

What is the situation with the freehold?  TBH, the property being a flat would cause me to apply vastly more caution than the damp 'report'.

MalMonroe

I think I'd run, rather than walk away.  Unless the vendors lower the price significantly. But as with anything, the £4k estimate could end up being double that to put things right. . .  Of course you would get your own quotes to rectify the problems (of which there are many), though - three at least. But this flat sounds like a veritable money pit to me. 

JK4158

@Section62 unfortnunately we cannot afford a house in the areas we are looking for in London...:( so we are looking for a wide range of smaller flats that are cheaper to larger flats (~90sqm) with a garden..we are aiming for at least to have a share of freehold but this mentioned flat is just a leasehold without a share of freehold so not great either

Taking everyone's advise and also don't have energy nor money to deal with too much work, we will resume our search for another one! Thank you for all the advices

diystarter7

JK4158 said:

@Section62 unfortnunately we cannot afford a house in the areas we are looking for in London...:( so we are looking for a wide range of smaller flats that are cheaper to larger flats (~90sqm) with a garden..we are aiming for at least to have a share of freehold but this mentioned flat is just a leasehold without a share of freehold so not great either

Taking everyone's advise and also don't have energy nor money to deal with too much work, we will resume our search for another one! Thank you for all the advices

Hi OP
Thanks for the update
You never know, prices may go a bit lower as interest rates are expected to rise but as you know, an element of luck is always required as well.
I hope you find a nice place that suits your pocket atm.
Good luck,