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Dangers of Damp in Properties: Insights from a 20-Year Experienced Property Surveyor

Dangers of Damp in Properties

Dangers of damp are a common problem in properties, and they can cause a number of problems, including:

• Health problems: Damp can lead to respiratory problems, such as asthma and bronchitis.
• Structural damage: Damp can cause damage to walls, floors, and ceilings.
• Depreciation: The presence of damp can reduce the value of a property.

What is Damp?

Damp is caused by moisture in the air. This moisture can come from a number of sources, including:

• Rainwater: Rainwater can seep into a property through cracks in the walls or roof.
• Groundwater: Groundwater can rise up through the foundations of a property.
• Condensation: Condensation can form on cold surfaces, such as windows and pipes.

Why is Damp a Problem?

Damp can cause a number of problems, including:

• Health problems: Damp can lead to respiratory problems, such as asthma and bronchitis. This is because of the mold and mildew that can grow in damp conditions can release spores into the air. These spores can trigger allergic reactions in some people, and they can also make existing respiratory problems worse.
• Structural damage: Damp can cause damage to walls, floors, and ceilings. This is because the moisture can cause the materials to swell and rot. In severe cases, damp can even lead to structural collapse.
• Depreciation: The presence of damp can reduce the value of a property. This is because buyers are often reluctant to purchase a property that has damp problems.

How to Check for Damp

There are a number of ways to check for dampness in a property. These include:

• Visual inspection: Look for signs of damp, such as:
  • Moisture on walls and ceilings
  • Blistering paint
  • Loose wallpaper
  • Musty smell
• Moisture meter: A moisture meter can be used to measure the amount of moisture in a wall or ceiling.
• Heating probe: A heating probe can be used to detect areas of dampness in a wall or ceiling.

How to Treat Damp

If you find damp in your property, it is important to treat it as soon as possible. The best way to treat damp will depend on the cause of the damp. In some cases, it may be possible to fix the problem yourself. However, in other cases, you may need to hire a professional damp-proofing company.

How to Prevent Damp

There are a number of things you can do to prevent damp in your property, including:

• Make sure your gutters and downspouts are clear: This will help to prevent rainwater from pooling around your property.
• Check for cracks in your walls and roof: If you find any cracks, seal them up as soon as possible.
• Ventilate your property properly: This will help to prevent moisture from building up inside.
• Use a dehumidifier: A dehumidifier can help to remove moisture from the air.

Damp is a common problem in properties, but it can be prevented and treated. By following the tips in this article, you can help to keep your property dry and healthy. If you are concerned about damp in your property, it is important to consult with a qualified surveyor or damp-proofing company. They will be able to assess the problem and recommend the best course of action.

by Doug Tobs

Property Investment in London: Reasons Why you should Consider the City

Property Investment in London: A Lucrative Opportunity

Investing in property has always been a wise financial move, and London is one of the most attractive cities in the world for property investment. Here are some of the reasons why:

Prime Location

London is a global city with a thriving economy and a diverse population. This makes it a desirable place to live, work, and visit, which drives up demand for property. London is also a major financial centre, with many international businesses headquartered in the city. This provides a strong foundation for the local economy and helps to ensure that demand for property remains high.

Stable and Resilient Market

London's property market has shown a strong track record of resilience in the face of economic downturns. This is due to a number of factors, including the city's diverse economy, strong rental demand, and limited housing supply. The city's diverse economy means that it is not as vulnerable to economic shocks as other cities that are more reliant on a single industry. Strong rental demand helps to keep property prices stable, even in times of economic uncertainty. And limited housing supply means that there is always a demand for property, even when prices are rising.

Attractive Rental Yields

London has a high demand for rental properties, which means that investors can expect to earn good rental yields on their investments. The average rental yield in London is around 4%, which is higher than the average rental yield in many other cities around the world. This means that investors can expect to earn a good return on their investment, even after accounting for mortgage payments and other expenses.

Portfolio Diversification

Investing in property in London can help to diversify your investment portfolio and reduce your risk. This is because London's property market is not as closely correlated with other asset classes, such as stocks and bonds. This means that if one asset class performs poorly, your other assets may still perform well, which can help to protect your overall investment portfolio.

Tax Incentives

The UK government offers a number of tax incentives for property investors, which can further boost your returns. These incentives include tax relief on mortgage interest payments for landlords, capital gains tax exemptions on primary residences, and allowances for wear and tear on furnished rental properties. These tax incentives can help to reduce the cost of owning a rental property, which can lead to higher returns for investors.

Strong Capital Appreciation

Over the long term, property prices in London have a history of rising. This means that investors can expect to make a profit on their investments, even after accounting for inflation. In the past 10 years, property prices in London have increased by an average of 7% per year. This means that an investment of £100,000 in property in London in 2013 would be worth £170,000 today.

If you're looking for a profitable and secure investment, property in London is a great option. With its prime location, stable market, attractive rental yields, tax incentives, and strong capital appreciation, London offers a number of advantages for investors.

Here are some additional tips for property investment London:

• Do your research: Before you invest in any property, it's important to do your research and understand the local market. This includes factors such as demand, supply, and prices.
• Get professional advice: If you're not sure where to start, it's a good idea to get professional advice from a qualified financial advisor or property investment specialist.
• Start small: If you're new to property investment, it's a good idea to start small. This will help you to learn the ropes and reduce your risk.
• Be patient: Property investment is a long-term investment. Don't expect to make a quick profit. Be patient and let your investment grow over time. Always use a building surveyor so that you don't get nasty surprises.

Investing in property in London can be a lucrative and secure investment. However, it's important to do your research and understand the local market before you invest. If you're not sure where to start, it's a good idea to get professional advice from a qualified financial advisor or property investment specialist.

by Doug Tobs

Rics Level 2 vs Rics Level 3 Survey: Which one to Get?

Rics Level 2 vs Rics Level 3 Survey: Which survey is best for you?

When you're buying a home, it's important to get a survey to assess the condition of the property. There are two main levels of surveys: Level 2 and Level 3.

Rics Level 2 Survey

What is a Rics Level 2 survey?

A Level 2 survey is a general inspection of the property. It will cover the following:

• The structure of the building
• The roof
• The walls
• The floors
• The services (e.g., plumbing, electrical, and heating)
• The grounds

What is included in a Level 2 survey?

A Rics Level 2 survey will typically include the following:

• A visual inspection of the property
• A report on the condition of the property
• Repairs or improvements recommendations that may be needed

How much does a Level 2 survey cost?

The cost of a Level 2 survey will vary depending on the size and complexity of the property. However, it typically costs start from £400 

Who should get a Rics Level 2 survey?

A Level 2 survey is a good option for most properties. It's not too expensive, and it will give you a good overview of the condition of the property.

Rics Level 3 Survey

What is a Rics Level 3 survey?

A Level 3 survey is a more detailed inspection of the property. It will cover everything that a 

Level 2 survey covers, plus the following:

• The condition of the foundations
• The condition of the timbers
• The condition of the plasterwork
• The condition of the windows and doors
• The condition of the drainage
• The condition of the electrical wiring
• The condition of the heating system

What is included in a Rics Level 3 survey?

A Level 3 survey will typically include the following:

• A visual inspection of the property
• A report on the condition of the property
• Recommendations for any repairs or improvements that may be needed

How much does a Level 3 survey cost?

The cost of a Level 3 survey will vary depending on the size and complexity of the property. However, it typically costs start from £700.

 Who should get a Level 3 survey?

A Rics Level 3 survey is a good option for older properties, properties that have been extended or renovated, and properties that are in poor condition.

Which Survey Should You Get?

The type of survey you need will depend on the property you're buying. If you're buying a standard property that's in good condition, a Level 2 survey will be sufficient. If you are buying an older property, one that has been extended or renovated, or one that is in poor condition, you should get a Level 3 survey.

Recommendations: Rics Level 2 vs Rics Level 3 Survey:

If you're buying a home, I recommend getting a survey. A survey can help you avoid costly surprises after you buy the property. Here are some tips for getting a survey:

• Get quotes from multiple surveyors before making a decision.
• Make sure the surveyor you choose is qualified and experienced.
• Know what is included in the survey including surveyor fees
• Be sure to read the survey report carefully before making an offer on the property.

A survey is a valuable investment that can help you avoid costly surprises after you buy a property. By following these tips, you can be sure to get the best possible value for your money.

Here are some additional recommendations for getting a survey:

• Do the survey as early as possible in the buying process. This will give you time to negotiate the purchase price of the property if the survey reveals any problems.
• Don't be afraid to ask questions of the surveyor. They should be happy to explain their findings to you.
• Keep a copy of the survey report for your records. This will be helpful if you ever need to make a claim on your home insurance.

When buying a home, it is important to get a survey. There are two main levels of surveys: Rics Level 2 and Rics Level 3. The type of survey you need will depend on the property you're buying. A survey can help you avoid costly surprises after you buy the property.

by Doug Tobs

Japanese Knotweed: what you need to know if you want to buy, Own or are Selling a Property

Japanese Knotweed: Identification, Prevention, and Removal

Japanese knotweed is a highly invasive plant that can cause significant damage to property and infrastructure. It is native to East Asia but was introduced to the UK in the 1800s as an ornamental plant. Since then, it has spread rapidly and is now considered a major problem in many parts of the country.

Identification

It is a perennial plant that can grow up to 3 metres tall. It has thick, bamboo-like stems and heart-shaped leaves. The plant can spread rapidly by its rhizomes, which are underground stems that can grow up to 7 metres long.

Where knotweed grows

Knotweed can grow in most soil conditions found in the UK, particularly in man-made habitats, such as:

• roadsides
• waste ground
• railway embankments and cuttings
• spoil tips that are made up of waste material from mining or quarrying

It’s also commonly found along rivers and streams.

How knotweed spreads

Knotweed spreads through:

• direct rhizome (root) growth
• new plant growth from the parent plant’s stem and rhizome fragments – a new plant can grow from pieces of rhizome as small as 1cm

If you have knotweed on your land or property

You must stop this plant on your land from spreading off your property. Soil or plant material contaminated with non-native and invasive plants like Japanese knotweed can cause ecological damage and may be classified as controlled waste. You do not legally have to remove Japanese knotweed from your land unless it’s causing a nuisance, but you can be prosecuted for causing it to spread into the wild.

How to stop knotweed from spreading

Do not treat knotweed yourself unless you have the appropriate skills and experience. You can find companies that specialise in treating knotweed.

• Spray with chemicals Spraying or injecting the stems with chemicals can be an effective treatment to stop knotweeds from spreading. You must only use approved herbicides. You’ll have to respray. It usually takes at least 3 years to treat it. Knotweed rhizome can remain dormant in the soil for many years and will regrow if disturbed or if the soil is relocated. When using chemicals, you may need to:
  • make sure anyone spraying holds a certificate of competence for herbicide use or works under the direct supervision of a certificate holder
  • carry out a Control of Substances Hazardous to Health assessment
  • get permission from Natural England if the area is protected, for example, sites of special scientific interest
  • get permission from the Environment Agency if the plants are near water
• Physical removal involves using machinery to remove the plant and its rhizomes. This can be a very effective method, but it can also be very destructive to the surrounding area.
• Biological control involves using insects or other organisms to kill the plant. However, biological control methods are not always effective and can take several years to work.

Preventing the spread of the knotweed is the best way to deal with this invasive plant. If you are planning to buy a property, it is important to check for Japanese knotweed. You can do this by asking the seller for a Japanese knotweed survey. If you find Japanese knotweed on your property, it is important to act quickly to control it.

How surveyors deal with the possibility of Japanese knotweed

When surveying a property, surveyors will look for signs of Japanese knotweed. This includes looking for the plant itself, as well as signs of its presence, such as broken or damaged concrete, fencing, or walls. If surveyors find evidence of Japanese knotweed, they will report it to the buyer.

How Japanese knotweed affects surveys and properties

The presence of Japanese knotweed can significantly affect the value of a property. In some cases, it can even make a property unsellable. This is because Japanese knotweed can be very expensive and time-consuming to remove. It can also damage property and infrastructure.

If you are buying a property, it is important to ask the seller if there is any Japanese knotweed on the property. If there is, you should get a Japanese knotweed survey to determine the extent of the problem. You should also factor the cost of removal into your offer price.

by Doug Tobs

9 Tips for Getting On The Property Ladder

By tberryAugust 26, 20228 Minutes

Getting on the property ladder is an acomplishment.

‘The ladder of success is best climbed by stepping on the rungs of opportunity’ – Ayn Rand

 

Arguably one of the most talked about subjects in the UK housing market and intrinsic in the British psyche. But how do you go about getting an advantage on that first rung?

Truth be told, there is no magic formula. There is truth in the common perception that it’s now harder than ever to get started with home ownership. Nevertheless, there are some tools one can equip oneself with, to persevere in the face of adversity..

1. Your nest egg

There’s no evading from the fact that without a concrete financial foundation, your chances of landing a mortgage are virtually nil.

Irregular income or any outstanding debt, needs to be declared. A steady job and owing reasonable amounts on credit cards and loans will increase the credibility of lenders agreeing to give you a mortgage, be sure to follow suit.

2. Penny-pinching is good when dreaming of getting on the property ladder

There’s no evading from the fact that without a concrete financial foundation, your chances of landing a mortgage are virtually nil.

Irregular income or any outstanding debt, needs to be declared. A steady job and owing reasonable amounts on credit cards and loans will increase the credibility of lenders agreeing to give you a mortgage, be sure to follow suit.

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3. When it comes to credit, be vigilant

Thanks to the ever-growing world of technology, we now have the full capability to view and keep track of our own credit scores. Pow! 

Checking your own credit score will give you an insight into how you are perceived by lenders when applying for a mortgage. It helps you to foresee any errors on your report that will show up as a red flag and. preempt any eyebrow-raising lenders.

To check your credit score, look into free accounts like: 

• Experian
• Credit Karma
• Equifax
• Clearscore

4. Stay current as you try getting on the property ladder

Feels good to have knowledge at your fingertips. Above all, it’s good sense to be widely read in all facets of life, this includes the property ladder.

We recommend:

• Explore all your options
• Educate oneself on the housing market (local and national)

Or anything else related to the end goal of getting on the property ladder will prosper in due course, such as:

• Befriending local estate agents
• Stay on trend
• Read blogs like ours
• Keep a hawk-eye on house prices
• Absorb yourself in ‘all things property’

It’s like the saying, ‘knowledge is the true organ of sight, not the eyes’.

5. The law is your friend..

It’s no secret that housing in the UK causes a hindrance for the government. Naturally, new schemes are often being presented in aid to the public, so keep a sharp eye out for the ones that fit. Note that Help to Buy and Shared Ownership may fit your criteria, but it’s crucial to get independent advice before heading head first into it. Give yourself time to explore all options. Seek guidance on the areas that seem out of focus.

6. Lender Schemes

If you’re new to the property game, mortgage brokers are indispensable for first-time buyers. They have:

•  A right of passage to all the latest cutting-edge deals 
• Skilled in pairing individuals up to their suited mortgage

Mortgage advisors help you get a solid idea of your price range. Seek advice as early as possible. Managing your expectations on the budget will hone your focus on your search and avoid disappointment further down the line, something that happens more often than one would think.

We’ve launched Reliable Financial Services for anyone looking for advisers who are fully qualified and fully regulated by the Financial Conduct Authority. 

7. Reputation is everything

If you’re new to the property game, mortgage brokers are indispensable for first-time buyers. They have:

•  A right of passage to all the latest cutting-edge deals 
• Skilled in pairing individuals up to their suited mortgage

Mortgage advisors help you get a solid idea of your price range. Seek advice as early as possible. Managing your expectations on the budget will hone your focus on your search and avoid disappointment further down the line, something that happens more often than one would think.

We’ve teamed up with Greenacre Financial Services to form Reliable Financial Services, for anyone looking for advisers who are fully qualified and fully regulated by the Financial Conduct Authority. 

via GIPHY

8. Sharing is caring

Is anyone else you know looking to get on the property ladder? An option that may not be for everyone but a concept well worth considering. Buying property with someone cuts the majority of expenses in half, this includes the deposit.

Could be a partner, friend or family member, and you may even be able to find someone who’ll want to invest but not stay in the property. Explore your options, you never know what may come of it.

9. Stay pragmatic

We all know how easy it is to get caught up in the dream. It’s important to come back down to earth. Like they say, ‘Rome was not built in a day’. Saving up enough for a deposit does not happen overnight.

In summary

Buying or selling a property can be stressful, and we understand how valuable time is in this process. For many with hectic lifestyles or conflicting work schedules, the whole process can seem overwhelming. Let us take the strain away and do all the hard work for you. Our expertise and help will ensure your property journey is at least a little easier and always a lot more enjoyable.

If you’re looking to join the property game, call our signal.

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by tberry

Why Buyers Must Tread Carefully with 5% Mortgages

Tread Carefully with 5% Mortgages: A Guide for Homebuyers

In recent times, the real estate market has experienced a surge in demand, resulting in soaring prices. Factors such as the extended stamp duty holiday, the introduction of 95 percent mortgage schemes, and increased savings due to lockdown have created a bustling market that shows no signs of slowing down.

However, this frenzied atmosphere has led some inexperienced buyers to make costly mistakes. Gazumping, where buyers are outbid at the last minute, has reached unprecedented levels, causing many to stretch their budgets to secure a property.

For struggling buyers, the newly introduced 95 percent mortgages may seem like a lifeline for their limited budgets and a chance to step onto the property ladder. But buyers need to exercise caution, as this seemingly beneficial product could lead to long-term challenges in exchange for short-term gains.

Understanding 95 percent Mortgages

Purchasing a property with a 5 percent deposit certainly makes it easier for buyers with limited immediate capital to make a purchase. In a highly active market with escalating prices, this scheme provides an accessible option for those already stretching their budgets.

However, there’s more to this than meets the eye. Sellers are often aware of the potential savings made through these mortgages and may increase their asking prices accordingly. Coupled with the high prevalence of gazumping in an inflated market, it becomes challenging for buyers to determine if they are getting a fair deal. Buyers who can only afford these smaller deposits are particularly vulnerable to being repeatedly outbid by higher offers just outside their budget. Even a slight increase in their offer price represents a much larger portion of a 5 percent buyer’s funds compared to those with traditional 20 percent deposits or higher.

Additionally, it’s crucial to note that lenders typically charge higher interest rates on lower deposit deals. Many first-time buyers may be unaware of the significance of interest rates or simply have no other option. In this inflated market, those purchasing with 5 percent mortgages are likely to pay significantly more in interest compared to a scenario where prices were slightly lower. Furthermore, 5 percent buyers may spend a longer time paying off their mortgages than those with larger deposits. While this may seem obvious, it’s surprising how often buyers overlook this factor and fail to consider how the additional five to ten years of debt could impact their lives.

By carefully considering these factors, homebuyers can make more informed decisions when navigating the real estate market, avoiding potential pitfalls associated with 5 percent mortgages.

How to tell if they’re right for you

The news isn’t all bad. Those buyers who do their due diligence and carefully consider their own financial situation may be best situated to benefit from the lower deposit schemes.

5 percent mortgages are particularly well-suited to those looking to stay in their new property long term. If you can afford the monthly payments and do not intend to move again, at least for the foreseeable future, it should not necessarily matter how much equity you build up in a property.

However, those intending to move in the next few years and potentially see this purchase as an investment will put themselves at risk with 5 percent mortgages. With higher interest rates and a lower starting position than the average buyer, it will be very difficult for 5 percent buyers to build a significant amount of equity within a two or five-year fixed rate time limit – and even worse, they could fall into negative equity if the market experiences even a small downturn.

Planning further ahead will now be key for those considering a 95 percent mortgage. The inflated prices will drop at some point in the future, meaning there may be a longer wait before they can sell their new property at a profit. While it is all too easy to find yourself caught up in the current frenzy, chasing rising prices and going over asking price to avoid being gazumped, you must ask yourself if the property will suit your needs for the next ten years, rather than just the next two.

Another due diligence exercise buyers may want to consider is a back-dated valuation. While everyone is aware of the inflated prices, a valuation from the start of 2020 will show if the increase in price is in line with the previous growth in the area, and just how much more it will cost to buy right now. This can indicate that in the case of a market correction, properties that have inflated more have further to fall and are riskier to buy at their peak.

95 percent mortgages may provide a vital step up for those looking to get onto the ladder, but buyers should tread carefully and make a judgment based on their own individual situation. Taking the time to fully understand your own current situation and future plans, as well as the state of the market and how this may change soon, will pay dividends later.

by tberry

Three steps to avoid disaster when buying London property

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We need to stop blaming the dysfunctional housing market on the stamp duty extension

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'Don’t buy a problem’ - Why using a chartered surveyor is a great investment

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