UK Landlord Forum / Life

I am in the process of buying a studio flat with a leak in the ceiling and along the wall. The estate agent who is actually selling the flat for his little brother, says that the leaks will be repaired before completion but how do I know that it will be repaired properly?

The property has a good yield (6,75%) and provided I do not have a big issue carrying out repairs myself, it is a good deal.

Has anyone bought a property with a leak and if so, then how much did it cost to repair?

To try mitigate the risk, I am going to see if I can build a clause into the contract that guarantees the repairs carried out before completion.

Water is the most frightening thing.

You stop it going one way and it finds another route. You can't stop it falling from the sky. Any product out there that professes to aid damp / leaks etc. costs about 300% the cost of a similar product that doesn't claim to help.

It is no surprise, then, that I attend viewings with a little damp meter. It has helped me 'walk away' more than once.

Using a damp meter is not a investment...

The seller promises to have the leaks repaired and I am hoping that the valuator will pick-up on anything serious. Worst case, I will need to spend some money on fixing the leak.

I need to balance the risk of dealing with a leak to buying a property in London with a good rental yield for the area. The property is a studio flat going for 125k and has a rental income of 700 pounds.

Won't the Seller promise anything to, er, sell..? Gee, the answer is yes.