The Question
I am due to start a new job and I am relocating to the south coast of England. I’m looking for properties for my family and I and we have fallen in love with a cottage in East Sussex. It’s in a conservation area and also has a problem with damp.
The current owner has commissioned a damp survey and it looks like quite a bit of work needs to be done, which we are prepared to carry out. It looks like it might cost around £40k and we can negotiate on the price of the property.
However, the problem we have is whether we will be able to obtain a mortgage. Will any lenders be able to help, or will we need a specialist lender?
Ranald’s Answer
It sounds like the damp problems are significant to merit a £40,000 bill. As you are buying and there are known problems, it’s imperative that you safeguard your position and commission a structural survey.
Task your surveyor with assessing the property’s suitability for a mortgage, ensuring it meets both habitability standards and provides adequate security for your mortgage. In some cases, surveyors when acting on behalf of the 
lender, may advise on fund retentions until necessary repairs are completed, with a subsequent reinspection to confirm compliance.
However, should the property fall short of mortgage requirements, consider bridging finance to proceed with the purchase while addressing necessary renovations to meet lender criteria.
Ranald Mitchell is director of Charwin Private Clients
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