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Asbestos Survey for a Mortgage

Asbestos Survey for a Mortgage

An Asbestos Survey for a Mortgage can ensure that your investment is free from potentially hazardous asbestos containing materials

Mortgage Lenders are increasingly requesting an Asbestos Survey for a Mortgage is carried out on properties built prior to 1999, especially if there is a suspected asbestos containing material present. Usually, a surveyor appointed by the Lender will identify areas where they believe asbestos containing materials may be. It is also common for Lenders to request an asbestos survey is carried out on a property which is being remortgaged. If the property in question is a commercial property, you usually have an obligation to obtain an asbestos report for selling a property.

 

Why are mortgage lenders requesting mortgage asbestos surveys are conducted?

There can sometimes be a high cost to remove asbestos containing materials and mortgage Lenders are keen to protect their interest in the event of a property being repossessed or damaged. Some Lenders may not insist on an asbestos mortgage survey, but may strongly recommend that the Buyer has a survey carried out for their own peace of mind.

 

How much does an Asbestos Survey for a Mortgage cost?

The price for an Asbestos Survey for a Mortgage starts at £180+VAT (£216 including VAT). See a full list of asbestos survey prices here. A Management Survey should suffice in most cases.

We are also able to offer bulk rates to mortgage Lenders. Please contact Ritchie Hicks on 01206 23 33 53 to discuss your specific requirements.

 

Are there any other options?

If you know exactly where the suspected material is, we can take a sample and have it tested. The cost starts from £50+VAT. However, if you do not know where the suspected materials is, we recommend you have a Management Survey carried out.

 

Who pays for a mortgage asbestos survey?

This will depend on the Lender. In some cases the Lender will pay, however, in the majority of cases it is up to the person who is taking out the mortgage (or remortgaging) to pay for the survey. Please contact your Lender for more information.

 

Where might I find asbestos in a property I am buying?

This will depend on the age of the building and how it was constructed. The most common types of asbestos containing materials found in buildings are textured coatings (such as asbestos Artex), ceiling tiles, asbestos insulation or asbestos insulting board (AIB), asbestos floor tiles, asbestos cement ceilings and heating pipes such as flues.

However, there are a number of other items which may contain asbestos including bath panels and toilet cisterns.

 

What other services are you able to provide for someone looking to purchase a property?

In addition to asbestos surveys and sampling, we are able to provide written assesments for the removal of asbestos in a property you are looking to purchase. Prices start at £50+VAT, including call-out.

 

Further advice

For more professional advice or to discuss your mortgage asbestos survey requirements, please call us on 01206 23 33 53.