Asbestos - is this a new requirement when selling?

Rachman_2

Madjock wrote:

Rachman, you're missing the point, it doesn't matter what's gone before, it's a requirement now for most mortgage lenders in certain properties or if it appears in the property information. The buyer's solicitor in this case is protecting his clients' interests, but the client has the option of instructing their solicitor not to have the report done. It sounds to me like the buyer is very well aware of caveat emptor.

From what's above, this is a because it's a certain property not because it appears - I'd tell the buyer to find another lender who's not quite so difficult - or invite them to pay for it if their lender wants it.

I know I have not had a problem with any sort of request like this on any property I have either bought or sold - unless it's brand new, in which case it's yet more nonsense - if the lender wants it, add it to his client's costs, not to the sellers'......

[Deleted User]

Rachman wrote:

From what's above, this is a because it's a certain property not because it appears - I'd tell the buyer to find another lender who's not quite so difficult - or invite them to pay for it if their lender wants it.

Think this was the sort of message I was going to pass on but think it may be too late for that buyer anyway. I've no plans to sell mine just yet but it's good to be aware of what could be round the corner so thanks everyone.

Madjock

Rachman, you would never get this requirement in a new build because asbestos isn't used anymore. One of the earlier posters mentioned things like radon gas certificates. Well, radon gas comes up on environmental searches or sometimes on valuation reports, and usually recommends further reports, which are mostly a caveat to the buyer but not a requirement for the mortgage. The attitude of mortgage lenders to the presence of asbestos is different. Perhaps if a link is ever proven with the likes of radon gas to cause illnesses such as asbestosis then mortgage lenders will insist on radon gas certificates as well.
I'm sure that 40-50 years ago people would have been incredulous at the idea that asbestos could cause the problems it has now been proven to.
If the buyer has pulled out rather than pay for the asbestos report themselves, that's up to them. So many people bluff over issues like this that people are shocked when people do actually walk away.