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 to sell at all.
The most important of these factors are damp, mould, damage to structural timbers and condensation.
All symptoms of failing cavity wall insulation!
Should your house currently be on the market, then you will be aware that a survey is required before any potential buyer will be granted a mortgage.
If you are lucky enough to find a buyer for your property then you would like the purchase to progress as smoothly as possible.
Should your buyers lenders see the words ‘damp’, ‘mould’ or ‘rot’ in any building survey then their mortgage provider will certainly require that any problems relating to this be fixed before they are prepared to proceed with the funds.
Thus resulting in the selling process grinding to a halt.
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.
Any hints of damp, mould and mildew…..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 move up the property ladder.
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.