Halifax further lending for reroofing

ed110220

Hi all,

just wondering if anyone can give me some advice on further mortgage lending for reroofing.

Our situation is that we bought our first home at the end of 2011 for £125 000 with an 85% mortgage from Halifax. The valuation report advised that the asbestos cement roof covering needed replacing. Since then a slight leak has developed where the asbestos, which is fragile, was damaged by work on the house. This is not a serious leak as it is so far only making the underside of the asbestos damp rather than actually dripping into the loft, but of course in the back of my mind there is the possibility it may get worse, storm damage not covered by insurance due to lack of maintenance etc.

Halifax will only make further lending up to 80% of the house value, which they have stated has risen above £131 000 (79% LTV) assuming no improvements (we have carried out some redecorating inside and out but nothing too major).

However, does anyone know if they will consider lending based on the value after reroofing, as I believe the asbestos roofing lowers the value of the house significantly. Very roughly we are talking more than £5000 but less than £10 000 to replace the asbestos.

Ed

amnblog

Your house 'with a new roof' does not currently exist.

A lender will not lend based on the value of a property that does not exist.

ed110220

amnblog wrote: »

Your house 'with a new roof' does not currently exist.

A lender will not lend based on the value of a property that does not exist.

Thanks, but I was sure I read on here about someone who was building an extension to their home and obtaining the further lending based on the value post-extension. And after all, an extension is not strictly necessary in the way that replacing a roof covering reaching the end of its life is.

amnblog

That person would have been mistaken.

ed110220

amnblog wrote: »

That person would have been mistaken.

And the Daily Telegraph is also mistaken when it says: 'Lenders use a "remote automated valuation" model, which is not necessarily reliable. You can also ask your lender to base the valuation on the price after the work has been completed. Most will be happy to do so.'?

PeacefulWaters

It's a few years since I sold Halifax further advances, but at that time they would forward estimates to the valuer to provide a current and improved valuation.

They wouldn't release funds against improved value until they received final invoices or sent the valuer out to inspect the completion of the work - charging the customer for that re-inspection.

I doubt a re-roof would add significantly to a property's value though.

ed110220

PeacefulWaters wrote: »

It's a few years since I sold Halifax further advances, but at that time they would forward estimates to the valuer to provide a current and improved valuation.

They wouldn't release funds against improved value until they received final invoices or sent the valuer out to inspect the completion of the work - charging the customer for that re-inspection.

I doubt a re-roof would add significantly to a property's value though.

Ah I see, thanks. Normally it wouldn't, but an asbestos roof on a house is pretty unusual and off-putting for many buyers I think (many will run a mile when hearing 'asbestos'. Also only Halifax will lend for a house with an asbestos roof.

Ed

robin3425

You have not got an asbestos roof, what you could have is a roof with either an asbestos cement sheet roof, this is not likely on a domestic property usually used on commercial building. It is most likely that the roof has either what used to be called "asbestos slates " or "asbestos diamonds" both of these were asbestos fibre cement in their make up.
Having been a roofer for over forty years I do know that it is still possible to get these although since about 1975 there is no asbestos in them. So why not just repair the roof. Contrary to popular belief, provided you do not cut the old "asbestos" slates there is no danger.
A large proportion of the cost of reroofing would be the cost of disposal of the old material. A 6 cubic yard skip specifically for asbestos will cost upwards of £800 and you would probably need more than one
You could simply replace the damaged sections or if the problem is that they have become porous you can coat them, this is a recommendation of the HSE. Your local council will even dispose of small quantities of the old material provided it is bagged and taped with yellow tape
Basically do you really need a new roof
Whatever you do do not take too much advice from some others on this site who may not have a clue what they are on about but talk the talk anyway

Thrugelmir

robin3425 wrote: »

You have not got an asbestos roof, what you could have is a roof with either an asbestos cement sheet roof, this is not likely on a domestic property usually used on commercial building. It is most likely that the roof has either what used to be called "asbestos slates " or "asbestos diamonds" both of these were asbestos fibre cement in their make up.
Having been a roofer for over forty years I do know that it is still possible to get these although since about 1975 there is no asbestos in them. So why not just repair the roof. Contrary to popular belief, provided you do not cut the old "asbestos" slates there is no danger.
A large proportion of the cost of reroofing would be the cost of disposal of the old material. A 6 cubic yard skip specifically for asbestos will cost upwards of £800 and you would probably need more than one
You could simply replace the damaged sections or if the problem is that they have become porous you can coat them, this is a recommendation of the HSE. Your local council will even dispose of small quantities of the old material provided it is bagged and taped with yellow tape
Basically do you really need a new roof
Whatever you do do not take too much advice from some others on this site who may not have a clue what they are on about but talk the talk anyway

Sounds like the roof on my 1930's property. Advised that roof would need replacing when I moved in. Now 7 years later the roof is still fine.

robin3425

If it isn't broke don't fix it. My guess is that the very word asbestos led the surveyor to make the judgement or it is likely that the roof probably has no underlay, if so surveyors quite often recommend a new roof. There is actually an argument for not having underlay at all. Problems can occur when the roof is sealed up, nowadays the roof is usually insulated either at ceiling level or at rafter level. All the moisture created in every day living has to go somewhere and can cause condensation problems if the roof cannot breathe. That's why we now use breather membranes in place of the old bituminous roofing felts, so to an extent it's gone full circle. Roofing underlays were initially brought in to prevent wind driven rain or snow entering the roof space but in the case of your slates they probably fit quite tightly so that would not be an issue.
Worst case scenario is that they fit so tightly that with new insulation recommendations you may still have to put some vents in the soffit to prevent condensation.
It may be that you just don't like the look and want a new roof.
As to whether a new roof would increase the value, of course it will, future buyers will get similar scary surveyors reports and that in itself can drive the price down. But if you plan to live there and can live with the look why re-roof now, the cost of a new roof is not likely to increase at the same rate as house prices. If it were mine I would just wait a bit

ed110220

robin3425 wrote: »

You have not got an asbestos roof, what you could have is a roof with either an asbestos cement sheet roof, this is not likely on a domestic property usually used on commercial building. It is most likely that the roof has either what used to be called "asbestos slates " or "asbestos diamonds" both of these were asbestos fibre cement in their make up.
Having been a roofer for over forty years I do know that it is still possible to get these although since about 1975 there is no asbestos in them. So why not just repair the roof. Contrary to popular belief, provided you do not cut the old "asbestos" slates there is no danger.
A large proportion of the cost of reroofing would be the cost of disposal of the old material. A 6 cubic yard skip specifically for asbestos will cost upwards of £800 and you would probably need more than one
You could simply replace the damaged sections or if the problem is that they have become porous you can coat them, this is a recommendation of the HSE. Your local council will even dispose of small quantities of the old material provided it is bagged and taped with yellow tape
Basically do you really need a new roof
Whatever you do do not take too much advice from some others on this site who may not have a clue what they are on about but talk the talk anyway

Hi, thanks for the reply.

It is certainly an asbestos cement roof covering, they are large corrugated sheets of about 8 x 6 feet bolted to steel angle purlins with J-bolts rather than traditional tiles. It is the same type of roofing system that was used on warehouses, agricultural barns etc and is not typical of a house, but the house is of non-traditional construction.

Still, it's lasted 65+ years so one can't complain as that seems a good lifespan for a roof, but some of the sheets are now cracked and leaking and there are slight leaks where the bolts are, presumably where the washers have perished.

I've had a quote to remove the asbestos for £2000 (about 55 square metres) and the whole thing will cost about £7000 to replace (including asbestos removal).

The day before yesterday an identical house in the same road (with new roof) was advertised for £190 000 (as against the £131 000 mortgage valuation on our house).

Here's a photo outside:



And inside:



And a detail of how the J-bolts onto steel purlin: