Risk Averse Ltd’s Post

A recent BBC article highlighted that homeowners with spray foam insulation are struggling to sell or re-mortgage as some major lenders are rejecting these properties. In fact, a quarter of the UK's biggest mortgage providers will not lend against homes with spray foam in the roof. It is estimated as many as 250,000 homes in the UK have this type of insulation, with much of it installed under the previous government's Green Homes Grant scheme. Barbour Product Search hosts UK leading insulation manufacturers on the platform, making it easy for you to find the right products you need to replace current spray foam installations. Check out the profiles for Knauf Insulation, Kingspan Insulation and Ravago Building Solutions UK here - https://lnkd.in/eqSCR5a9 #Insulation #SprayFoamInsulation #UKInstallers

Just when you thought that the BSA couldn't get any worse! Cladding remediation under Schedule 8 para 8 is not referred to as a relevant defect. On that basis, this would seem to cover dangerous cladding installed on the exterior of a building even before the relevant period of 30 years (which ended on 28.06.22). So, 1960s tower blocks could now potentially be caught by this dreadful piece of legislation, but is this what Parliament intended? As I have said on many occasions this Act creates known unknowns and unknown unknowns. I will be making further comment on this surprising development in my Building Safety and Leasehold Flats: Top Tips When Acting for Buyers and Mortgage Lenders course, which is being run live on my website in 7 days time. #conveyancing #conveyancers #cladding #apartment

Lenders are increasingly rejecting mortgages on homes with this insulation, sparking new concerns in the housing market. Improper installation can lead to moisture buildup, structural damage, and health risks due to the chemicals used in the foam.  If spray foam is not installed correctly or degrades over time, it can trap moisture inside walls or roofs, leading to rot and mold growth. https://lnkd.in/eHcccRwJ

The UK property market has improved this month following the base rate cut; house prices are up and the number of new mortgages approved hit the highest level in two years. We look at what this means if you're buying and selling and what the experts think is likely to happen for the rest of 2024 Here's the latest House Price Watch. https://lnkd.in/eFYxrpFH #houseprices #housepricewatch #housingindex #housingmarket #propertymarket #propertynews #property #propertyadvice #home

How will the latest interest-rate cut affect B.C. mortgages and housing prices? Contact me to discuss the latest scoop in real estate! #vancouverrealestate #vancouverrealestateforsale #vancouverrealestatemarketing #vancouverrealestateagent #vancouver #vancouverrealtors #vanre #vancouverhomes #yvrhomes #realestatecanada

How will the latest interest-rate cut affect B.C. mortgages and housing prices? Contact me to discuss the latest scoop in real estate! #vancouverrealestate #vancouverrealestateforsale #vancouverrealestatemarketing #vancouverrealestateagent #vancouver #vancouverrealtors #vanre #vancouverhomes #yvrhomes #realestatecanada

How will the latest interest-rate cut affect B.C. mortgages and housing prices? Contact me to discuss the latest scoop in real estate! #vancouverrealestate #vancouverrealestateforsale #vancouverrealestatemarketing #vancouverrealestateagent #vancouver #vancouverrealtors #vanre #vancouverhomes #yvrhomes #realestatecanada

𝗦𝗽𝗿𝗮𝘆 𝗙𝗼𝗮𝗺 𝗶𝗻𝘀𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝗰𝗮𝘂𝘀𝗲𝗱 𝗺𝗼𝗿𝗲 𝗵𝗮𝗿𝗺 𝘁𝗵𝗮𝗻 𝗴𝗼𝗼𝗱 𝘁𝗼 𝘁𝗵𝗶𝘀 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆!! 🚫 When mortgage valuers decreased the 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆'𝘀 𝘃𝗮𝗹𝘂𝗲 𝘁𝗼 £𝟶 due to issues with #SprayFoam insulation, we knew it was time for a change. So, we took action, reroofed, and upgraded to a higher standard insulation solution. 🚧 With SuperFOIL's 𝗱𝘂𝗲𝘁 𝗶𝗻𝘀𝘂𝗹𝗮𝘁𝗶𝗼𝗻 𝘀𝘆𝘀𝘁𝗲𝗺 – 𝗦𝗙𝟰𝟶 under the rafters and 𝗦𝗙𝟰𝟶𝗕𝗕 over the rafters, no more condensation, rotting timbers or heat loss concerns. Plus, we achieved 𝗮𝗻 𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝘂-𝘃𝗮𝗹𝘂𝗲! 🔥 Visit our case studies page for the full story: [https://lnkd.in/eXfaBfZs] #SuperFOIL #Insulation #SprayFoamInsulation #SuperFOILSF40BB #SuperFOILSF40 #RoofInsulation

Home Prices Decline in Atlanta as of August 2024 Contact me to discuss the latest scoop in real estate! #AtlantaMortgage #ATLMortgage #AtlantaHomeLoans #AtlantaMortgageBroker #AtlantaMortgageRates #ATLLoans #AtlantaHomeFinance #AtlantaMortgageAdvice #AtlantaMortgageExpert #ATLMortgageTips

Mortgage Lenders Reject Homes with Spray Foam Insulation A BBC News report published today highlights that some mortgage lenders are declining applications for properties fitted with spray foam insulation in loft spaces. The risks associated with spray foam insulation have been extensively reported in the past. In late 2022, Nationwide Building Society warned of the "inherent risk of causing damage to the roof structure, which can lead to costly repair bills and the need for the spray foam to be removed" see https://lnkd.in/gg6iWX2w In early February this year, MPs received a detailed constituency casework article on 'Spray foam insulation and mortgages'. This article raised awareness of recent media and industry reports suggesting some homeowners have found it difficult to remortgage properties with spray foam insulation see https://lnkd.in/gYjMfvH2 FYI - The House of Commons library constituency casework articles provide MPs with information to answer constituent queries, offering FAQs, short explainers, and in-depth briefings. They are freely available to the public and a good resource. Key points highlighted in the BBC article include: 1. Lenders' concerns stem from potential structural issues and difficulties in assessing installation quality. 2. Improper application of spray foam insulation can lead to moisture accumulation and timber decay. 3. This situation emphasises the need for thorough surveys and expert assessment of insulation methods. There is often a complex interplay between energy efficiency measures and long-term structural integrity, as seen with spray foam insulation and fire safety issues with insulated panels at Grenfell. It's crucial to balance energy efficiency goals with the preservation of building health and structural soundness to avoid solving one problem only to create another. The article estimates that as many as 250,000 homes in the UK have this type of insulation, with much of it installed under the previous government's Green Homes Grant scheme. As I am not a residential surveyor, I cannot gauge the scale of this issue. I would welcome thoughts from others who encounter foam during surveys and their experiences. Do all sales collapse, or are remedial works carried out? #surveying https://lnkd.in/gfZ7aXG4