Foam insulation on survey

scottie21

Hi,
we are the only link in a chain of 3, hoping to complete before SDLT holiday deadline. Everything has gone smoothly so far. 

Our sale is awaiting search results, queries are answered and we are nearing readiness to exchange, but there has been a hiccup with our purchase:
Mortgage valuation came back at the price we offered (asking price), however they could not acces the loft (the hatch was seized). Our independent level 3 surgery report came back yesterday, and while it said there is no reason not to continue with the purchase, there has been a few issues flagged up, most of which we were already aware of, the main being the likely need for a new roof in a few years. This is where the issue lies-the loft inspection has revealed spray foam insulation in the roof space, and has advised discussion with a mortgage lender to assess the criteria on lending with this type of insulation. There have been no issues with damp identified in the timbers so far. 

So where do we go from here, who do I ask for advice? And how should we proceed? We planned a full renovation of the house anyway, so we aren’t afraid of a bit of work, but we were anticipating the roof to be a standard replacement in a couple of years time. 

Thanks in advance for your help 

csgohan4

a new roof can cost 20k, can you swallow that,

if your are still keen, get a roof survey and get access to the Loft

Drop the price if it really needs a new roof

or walk away

doodling

Hi,

It sounds like the lender's survey has given them sufficient confidence for them to lend you the money - is that correct?

Who has seen your new survey - is it just you or has your solicitor also seen it?

What do your mortgage terms say? Is there anything in them which would require you to reveal the results of the new survey to your lender?

I suspect that if your lender or your solicitor (who also represents your lender) became aware of the additional survey and its contents then they may want to consider those before deciding (again) whether to lend to you on that property.

It is quite possible that a lender (depending on their lending policies and the type of foam) may insist that the insulation is removed before the purchase takes place - this is not a small job.

The question then, is whether you are obliged to tell them, hence the question about your mortgage terms.

Practically, I would budget for complete roof replacement (I.e. both tiles/slates and roof timbers).  This will be significantly more expensive than just a re-tile.  You may want to get an idea of the cost of that before you buy and it may influence your decision.

FreeBear

doodling said: Practically, I would budget for complete roof replacement (I.e. both tiles/slates and roof timbers).  This will be significantly more expensive than just a re-tile.  You may want to get an idea of the cost of that before you buy and it may influence your decision.

As long as the timbers are sound, it may be able to remove the foam with out sacrificing the timber. Scrubbing with a wire brush is one option, as is blasting (walnut shell or CO2). If there is felt on the roof, that may well mean the tiles/slates are reusable which will save a considerable chunk of money. Even so, I wouldn't expect to see much change out of £15K.

scottie21

doodling said:

Hi,

It sounds like the lender's survey has given them sufficient confidence for them to lend you the money - is that correct?

Who has seen your new survey - is it just you or has your solicitor also seen it?

What do your mortgage terms say? Is there anything in them which would require you to reveal the results of the new survey to your lender?

I suspect that if your lender or your solicitor (who also represents your lender) became aware of the additional survey and its contents then they may want to consider those before deciding (again) whether to lend to you on that property.

It is quite possible that a lender (depending on their lending policies and the type of foam) may insist that the insulation is removed before the purchase takes place - this is not a small job.

The question then, is whether you are obliged to tell them, hence the question about your mortgage terms.

Practically, I would budget for complete roof replacement (I.e. both tiles/slates and roof timbers).  This will be significantly more expensive than just a re-tile.  You may want to get an idea of the cost of that before you buy and it may influence your decision.

So we had a standard bank valuation-they couldn’t access the loft, stated the hatch was seized. We requested this be resolved for our surveyor to inspect, which was when the spray foam was found. 

I opened the survey report in work, the opening page said there was no reason we shouldn’t proceed with the sale, and the page “information for your legal team” mentioned nothing of it, so I forwarded it to the solicitor, then later read about the foam and the need to clarify with our lender. Immediately regretted sending it on, but the damage is done now. 

We knew it needed a roof in a few years time, we just didn’t anticipate it being as problematic job as it seems to sound. Or that we might not be able to lend on the property. The survey does say that there is no evidence of damp or degredation to the roof structure. 

Reginald74

Borrow on the property?

scottie21

Reginald74 said:

Borrow on the property?

Is this a question about issues with
 the foam or a correction of my use of the English language?

Reginald74

scottie21 said:

Reginald74 said:

Borrow on the property?

Is this a question about issues with
 the foam or a correction of my use of the English language?

It's a query about language.

scottie21

Reginald74 said:

scottie21 said:

Reginald74 said:

Borrow on the property?

Is this a question about issues with
 the foam or a correction of my use of the English language?

It's a query about language.

Thanks 👍🏼

robatwork

We pulled out of a house purchase because of the foam. Having researched it, it sounded like a scam being perpetrated by the "insulation" specialists. The roof wasn't in great condition anyway, and a roofer who I know on a non-professional basis inspected, and advised the whole roof would need to be replaced. That was a deal-breaker as they wouldn't negotiate - the house owner was adamant the foam was the bees' knees. 

FreeBear

robatwork said: Having researched it, it sounded like a scam being perpetrated by the "insulation" specialists.

I have been plagued by cold callers offering "free loft insulation surveys" and telling me that some government report has deemed fibreglass insulation to be "not fit for purpose". Suffice to say, they can not provide a copy of this mythical report so willing send round their surveyor salesman. The last one to call got told in no uncertain terms what I thought of the product, and he thanked me for wasting his time (or words to that effect). I now know who the company is that ignores the TPS register, and have reported them to the ICO.

To call it a "scam" is sailing close to the wind with libel, but it is certainly hugely damaging in most buildings, and their marketing certainly falls foul of a number of rules & regulations.