Nationwide mortgage issue following valuation on old cottage

EasternRedCedar81

Hi, so we're in a bit of a muddle and wondering if anyone has been in a similar situation and can offer some reassurance/share some advice? 

We've had an offer accepted on a small converted barn (converted about 10 years ago), solid walls of flint with some brick. Valuation survey said we needed further surveys on damp and timber, had to use a PCA member. They were VERY thorough, and the report has come back saying there's condensation damp on the front of the house, some rising damp in corners and basically the front needs repointing in parts...the quotes £28k...🙈 

I'm taking it with a pinch of salt as I know it needs work, but I'm not sure a DPC treatment is the way forward in a solid wall. Plus, the house has been empty for 8 months and has never had central heating installed. There isn't huge evidence of damp and the house doesn't smell etc.

We're still waiting to hear from Nationwide as to what they'll do....but what are the possibilities? All the research I've done only discusses damp issues of £5k! 

I figure they could either refuse the mortgage or down value the house so we can only borrow a certain amount. Or, can Nationwide retain part of the mortgage? 

Hoenir

Becarefull not to all in love with Chocolate Box properties. Can be expensive money pits. What's the EPC rating? What are the recommended improvements? 

EasternRedCedar81

It's an F 🙈😂 but we're in an E now and it's fine! The actual structure of the cottage drags down the EPC (solid walls and all that) so we'll take measures to improve it where we can but it's never going to be a C!

The improvements are basically to coat the front in some damp proof cream(?) and repoint where necessary, take off the plaster inside (I'm not even sure it is plaster, it's like a layer of something over the stones), let it breath, coat it in lime plaster, paint it in lime/breathable paint, inject dpc into the walls etc.

We'd seek the advice of a heritage damp specialist company if the mortgage gets approved, as we don't really want to run down the line of chemical damp proofing if it can be avoided.

Hoenir

EasternRedCedar81 said:

It's an F 🙈😂 but we're in an E now and it's fine! The actual structure of the cottage drags down the EPC (solid walls and all that) so we'll take measures to improve it where we can but it's never going to be a C!

The improvements are basically to coat the front in some damp proof cream(?) and repoint where necessary, take off the plaster inside (I'm not even sure it is plaster, it's like a layer of something over the stones), let it breath, coat it in lime plaster, paint it in lime/breathable paint, inject dpc into the walls etc.

We'd seek the advice of a heritage damp specialist company if the mortgage gets approved, as we don't really want to run down the line of chemical damp proofing if it can be avoided.

Thanks. I was intrigued as the conversion was only done 10 years ago. Made me wonder as to the overall quality of the build. 

kingstreet

Did you pay for an inspection, or did you use a firm that does "free" reports but installs DPCs and does treatment? If it's the latter, rats in charge of the cheese store may apply.

EasternRedCedar81

That's exactly what we're thinking, we never realised the difference to be honest and we were frantically organising it due to pressure down the chain. As I said, we'll get another quote and report from someone not affiliated to damp treatment if we get the house, but we're still waiting to hear from Nationwide.

kingstreet

Best guess is you'll get an offer with a £28k retention until the work is done. The only way to get that down is by getting a report with a lower estimated cost.