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Checking for damp

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  • Checking for damp

    Hi

    I am a first time buyer and have just viewed a ground floor flat which I am considering making an offer on. The flat seems to be very underpriced (per square foot it appears to be almost 40% cheaper than other properties in the area). The estate agent mentioned this is because its owned by a property company whose 5 directors want to liquidate the assets held and go their separate ways.

    The flat has been recently refurbished, has a 950 year lease and is in a secure gated development so there doesnt seem to be anything obviously wrong with it to justify the low price tag.

    This could be paranoia on my part but is there anything that I may have missed which could be responsible for the low price? I was was wondering if the recent refurbishment is purely cosmetic and therefore hides underlying problems such as damp? The property is a raised ground floor flat so am hoping this isnt the case but would be grateful for any opinions so that I know what to look out for if my offer is accepted and a survey carried out?

    Thanks!!

  • #2
    Re: Checking for damp

    It may simply be as stated - they are looking to sell sooner rather than later - a lot of sellers are still holding out for relatively high prices, and with no urgent need to sell, this is exactly what they are doing.

    However, obviously you need to do due diligence - a surveyors report should be the first port of call if you have a serious interest regardless as to any suspicions about the property's condition.

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    • #3
      Re: Checking for damp

      Sellers will always hold up for a higher price and as a buyer you need to have the right agent that will understand mortgage rates.
      Michelle Alden- Property to Rent

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      • #4
        Re: Checking for damp

        If it has a 950 yaers lease this suggests a 999 year lease was granted in 1962 and 1960s flat leases weren't always that good - so there could be something wrong with the lease wording or the freeholder has disappeared or some other technical leasehold/freehold issue. You should get a solicitor to check the paperwork.
        RICHARD WEBSTERwww.rwco.co.uk
        As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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        • #5
          Re: Checking for damp

          Yes, you'll find all this out from your surveyors report.
          Looking for a large mortgage?

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