Every day, TV schedules include many programs about buying and selling property.
We are all pretty familiar with the main factors that influence house prices. All the ‘do’s and dont’s’, neutral colours and carpets that won’t give buyers a headache.
Location, size and age are just some of the factors a valuer will consider when valuing your home.
What we often fail to realise when selling property, is there are some less obvious issues that can greatly reduce the value of our home. Some can make it very difficult or impossible to sell at all.
One serious problem that has come to light is the issues caused by poorly installed or faulty cavity wall insulation. The resulting damp has caused serious damp, mould, and in some cases major structural damage to properties.
Surveys Are Picking Up Issues
If you put your home on the market and you find a buyer, a survey will be required before the mortgage company will authorise the mortgage.
If the survey finds damp or mould in the property there will certainly need to be further investigations. The mortgage company will certainly require the problems to be fixed before they are prepared to release any funds. If the damp is put down to faulty cavity wall insulation then they will insist on this being removed and the remedial work carried out.
Thus resulting in the selling process grinding to a halt.
System Build Properties
In the case of system builds, some mortgage companies are refusing to mortgage them if they have cavity wall insulation fitted. This is due to the fact that these properties should not have been filled in the first place. Steel or timber structures were not designed to be filled with insulation and doing so can cause the timers to rot and steel frames to corrode.
In some instances the problems with the CWI on a system built home will not be picked up until it is too late. By the time the damp is recognised and connected to the insulation, serious damage has been done to the structure of the property and the integrity of the building can then be in question.
Summary of Selling Property
- The potential buyer makes you an offer
- A surveyor the values the property and inspects for structural issues
- Surveyor identifies damp and notifies the buyers mortgage provider
- The lender will usually make an offer in principal as long as the damp is rectified
- You get the damp cause treated and fixed and remedial wok completed
- The surveyor will inspect your property again and finally approve that it is structurally sound
- The lender will release the funds to your buyer and the sale can complete.
Damp problems can easily delay the sales process by up to 2-3 months. This risks your purchaser deciding to buy something else.
If you do see any signs of damp, mould or mildew, if you suffer with a lot of condensation or you have the constant smell of damp, don’t ignore …..any suspicions of failing cavity wall insulation, must not be ignored.
Failing cavity wall insulation could leave you feeling trapped and out of pocket, leaving you unable to sell your property and if you leave it too long your home may be lose the majority of its value.
Contact CRISAS for free and impartial advice about the cavity wall insulation scandal and how it could affect you.
For further reading and a more detailed analysis, please use the following link.