Spray foam loft insulation removal, likely cost?

TELLIT01

Green_hopeful said:

Please look at other options than equity release. Its such a bad deal for customers. 

If you can come up with any practical alternative for a couple in their 70s I'd be happy to hear them.  As I mentioned in the OP, the final value of the property is not a factor.  We simply want to release capital in order to enjoy life.  Like many pensioners, we are asset rich but comparatively cash poor.  We don't want to have to scrimp in order for others to have the benefit once we're goned.

TELLIT01

@WIAWSNB Your comments make a lot of sense.  At this stage I'm just trying get some sense of costs.  The research I've done on foam removal indicated that some companies use a freezing method which supposedly gets the insulation to come off much more easily.  If that did work, and the tiles and battens didn't need replacing it would seem a great option.  Much more research required :-)

WIAWSNB

TELLIT01 said:

Albermarle said:

spray foam applied to the underside of tiles nearly 30 years ago as there was nothing under the tiles. 
The purpose was to avoid the risk of losing tiles when there was no felt behind the battens.

Does not really help with your current situation, but maybe worth knowing that many older houses have no felt or covering behind the tiles, without it causing any issues.

The house attached to us (semi-detached) has lost a number of tiles in storms during the time we've lived in this house, so the theory of securing the tiles was a good one at least.

It is certainly a more valid reason that 'insulation' :-)

What type of tile is it? Other than the foam, are they reusable? Yes it would be a fair bit of work, but it would be relatively easy to scrape off enough of the foam - it wouldn't have to be at all perfect - after they have been removed, making them ready for reuse. 

You seem to be stuck in an unfortunate position; if you remove the foam in situ to release equity, you risk loosing tiles as a result.

Consider all your options, and get quotes? If you go for 'recover', even with the existing tiles, it'll come with new battens and felt, so as good as new.

Albermarle

Say you are quoted £3+k for foam removal (seems typical), 

I notice in one of my local free publications, an advert entitled ' Have you been mis sold spray foam removal' accompanied with various scary pictures and stories.
So one company flogs you the spray foam.
Another flogs you spray foam removal.
Then another offers you a 'free consultation' about problems with the removal.
Probably the same companies doing all three !

Green_hopeful

TELLIT01 said:

Green_hopeful said:

Please look at other options than equity release. Its such a bad deal for customers. 

If you can come up with any practical alternative for a couple in their 70s I'd be happy to hear them.  As I mentioned in the OP, the final value of the property is not a factor.  We simply want to release capital in order to enjoy life.  Like many pensioners, we are asset rich but comparatively cash poor.  We don't want to have to scrimp in order for others to have the benefit once we're goned.

Equity release is a scam. Ok you might get some money now but it will cost you stacks of money. This article gives some options. https://www.thetimes.com/money-mentor/mortgage-property/equity-release/equity-release-alternatives I only know that of the people I know that have got into equity release they have regretted it and felt like they have been scammed. For example a friend’s mum has had to go into sheltered accommodation and she needs to sell her house but the equity release company owns 60 percent of the value of her property. She has no control over the process. It’s quite desperate for her and if she needs more care she will be even more desperate. 

TELLIT01

@Green_hopeful I would certainly not disagree that there have been a lot of scams in the past.  The difference here is that we are going in with our eyes wide open.  Many of the other potential options are either age restricted, and I am very close to the upper limit, or something with a lifetime mortgage which requires the interest to be paid.

As said previously, we don't care how much/little equity is left in the property when we die.  We simply want to make use of our main asset rather than leave it for other people to benefit from.  Equity Release is now regulated by the FCA, where is wasn't years ago.

Albermarle

Green_hopeful said:

TELLIT01 said:

Green_hopeful said:

Please look at other options than equity release. Its such a bad deal for customers. 

If you can come up with any practical alternative for a couple in their 70s I'd be happy to hear them.  As I mentioned in the OP, the final value of the property is not a factor.  We simply want to release capital in order to enjoy life.  Like many pensioners, we are asset rich but comparatively cash poor.  We don't want to have to scrimp in order for others to have the benefit once we're goned.

Equity release is a scam. Ok you might get some money now but it will cost you stacks of money. This article gives some options. https://www.thetimes.com/money-mentor/mortgage-property/equity-release/equity-release-alternatives I only know that of the people I know that have got into equity release they have regretted it and felt like they have been scammed. For example a friend’s mum has had to go into sheltered accommodation and she needs to sell her house but the equity release company owns 60 percent of the value of her property. She has no control over the process. It’s quite desperate for her and if she needs more care she will be even more desperate. 

The word 'scam' is overused.

Of course you can argue that equity release is not the right decision for some people, and the promoters of it are looking to make a profit. However  some people just grab the money now, and complain later about consequences they have not thought through properly.

Green_hopeful

@Albermarle I think businesses that prey on potentially vulnerable people and charge extreme rates of interest should be prevented from doing so. If you don’t like the allegation that it is a scam then I believe it is morally corrupt. Just like payday loans, gambling companies and dodgy landlords. Some controls have been introduced to prevent such practices but i also believe there needs to be more protection. I am pretty sure at some stage there will be better protection against equity release and there will be an outcry that we let it happen. In the meantime I wouldn’t recommend anyone to sign up to equity release anymore than suggesting they visit their local loan shark for a loan. 

Grenage

Financially it's a bad deal, but you can't take it with you.  If you don't want to leave anything to others and you don't want to move home, there are few alternatives. 

WIAWSNB

Martin Lewis has his thoughts on Eq Release on the website, and I'm sure you've researched this thoroughly, Tellit.

In essence, if you can, downsize instead, as that's a better way to release equity.

Is that a possible alternative? Can you get a comfy flat or smaller house that you'd be happy in?

You certainly don't need to justify to anyone why you wish to release equity - this is your property, your assets, and for you to enjoy for the rest of your life. Even if you did have children, that essential fact remains.

'Inheritance' is one of the most dirty words in the language.