MONEY/MORTGAGE SAVING CASE HISTORIES

With the money markets being really tight nowadays lenders are releasing mortgage monies for house purchases, re-mortgaging and equity release only after borrowers satisfy strict criteria and jump through several hoops to obtain a mortgage.

The Valuation/Building Survey carried out for the lender invariably notes dampness and timber decay and will put a retention on the mortgage or even hold back all of the money until damp & timber reports are obtained and the work carried out.

If you in the process of obtaining a buying a house or obtaining a mortgage we can help you by carrying out damp and timber surveys to satisfy your lenders demands and provide reports so that your mortgage is processed successfully.

Below are some of the cases that we have helped recently:

Westfields Avenue, Barnes, London SW13 –February 2009

Our client-Mr T was in the process of buying this 2 bedroom terraced house for approximately £500,000, which 2 years ago had been sold for around £700,000, and needed a large mortgage. The mortgage surveyor picked up a number of damp and timber defects and a free damp/timber survey was obtained via the Estate Agent which came back not surprisingly recommendations for damp-proofing and timber treatment throughout at a cost of around £3,500.

Mr T was familiar with this free survey/foot in the door approach and commissioned us to check the alleged dampness and timber defects. We found that there was slight dampness caused by the damp course being bridged at the front of the property which could be alleviated by reducing the ground level and that there was no active woodworm or decay and no treatments were required. We were running a special offer at the time and the damp and timber survey just cost £200 and the client was able to get his mortgage without having the previously recommended remedial works carried out.

Brooklands Terrace, Cwmcarn, Newport, Gwent –February 2009

This property had been repossessed and had been empty for a few months before it was sold and surveys were carried out .Dampness was picked up in the survey and a local damp-proofing firm carried out a free survey and recommended that a new damp course together with associated re-plastering works be installed to all the ground floor walls and on the strength of this a £5,000 retention was put on the mortgage.

Our client thought that these works were expensive, disruptive and also avoidable so asked us for a second opinion. We found that the property had been damp-proofed only a couple of years before and that the damp-course was working satisfactorily. The only damp found was due to surface condensation which would dissipate when the property was occupied and was properly heated and ventilated.

The Building Society accepted our survey as proof of the integrity of the house in respect of dampness and the retention was lifted and a full mortgage granted.