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  • Mortgages & Finance

    What if damp problems show up on survey

    I'm just about to go ahead with a BTL mortgage application. The house needs modernising but it's still livable in its current condition. There may be a rising damp problem in a couple of the ground floor rooms.

    My question is will the valuer flag these issues to the lender and if so what is likely to happen? Will they retain part of the loan or something like that until I've fixed the damp issue?

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    I would expect the valuer to include reference to them in his report and the lender, depending on the extent of the problems may require the works to be completed within a set period or put a retention on the mortgage amount - the amount of the retention could be from a relatively small amount to a total retention.

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    Derrick,

    if there is damp there, is it really live-able? Would you live there?

    This is likely to be an issue with the lender.  They may well call for a Timber and Damp report.  Some companies carry out these reports for free, but obviously, they will expect you to go back to them for the work to be done.  The causes of damp could be simple, such as not opening windows when bathing or showering, or there could be a loose tile on the roof.  On the other hand, there could be structural issues hidden from view, which could turn out to be costly.

    A lender may decline to lend or they may ask for a retention.  I used to act as a mortgage broker in Harwich, which as you may know, was flooded in 1953, I think it was.  Damp is still a major issue in an area called Bathside, where many properties had cellars.  If your property has an issue like this, it may well need to be "tanked" to keep the damp at bay.


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    Assuming you are not talking about black mould in every room and goldfish swimming in the lounge, they'll probably ask for a damp report and make a retention of about £5k.

    I have properties in a flood risk area, and it's not been any issue for the major lenders. 

    Before you rush off paying Damp Companies silly money, read Jeff Howells book on Rising Damp.  It will save you thousands!!!
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    Damp in outside walls of ground floor rooms may be due to simple issues such as soil being piled up too high above the DPC - assuming there is a DPC membrane in situ the soil etc should be 6 inches below - so why not go back and have another visual inspection outside.

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    I bought 3 bed terrace with rising damp, mortgage works I think it was withheld £3500 for works. But realistically if it is rising damp, you might struggle to find a good estate agent that will want to rent it. You certainly don't want to be trying to do that kind of work with a tenant in situ, done that once tenant had been in 8 years and was only bathroom and diner wall, never ever again

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    Try googling ' no such thing as rising damp' before paying out for useless reports and useless injection damp proofing.

    For instance https://www.independent.co.uk/news/busin...95773.html

    This site is excellent https://www.heritage-house.org/damp-and-...-damp.html

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