Asbestos Surveys and The Home Buying Process

September 12, 2017

Asbestos is considered a problem if it is damaged and has potential to release fibres that could be inhaled into the lungs. If the asbestos is in poor condition, or if building works are planned that would disturb it, an asbestos survey would be required.

Mortgage lenders will want to know whether asbestos is present and if so, whether it will affect the value of the property and/or whether it needs removal.

If the material does pose a threat, then remedial treatment will be required and lending will be conditional on this being carried out. If there is a perception that the value of the property is affected by asbestos, lenders may reduce the amount they would otherwise be willing to lend.

Valuers carrying out a valuation for a mortgage lender would assume that there were no hazardous materials such as asbestos present at the property. However, if the inspection indicates to the valuer that asbestos is presumed to be present, the valuer would report this to the lender.

The lender may insist on an asbestos survey report before releasing the funds for the purchase. If the property contains asbestos, lenders will generally want assurance that the material does not pose a health threat. The view of the council of mortgage lenders is that it is for individual lenders to decide what steps to take if asbestos is present at a property.

The purpose of the asbestos survey is to identify and confirm asbestos containing materials (ACMs) in the home, reporting on the condition (health threat) and the costs of remediation.

Who pays for the asbestos survey? To speed up the sale of the property it’s worthwhile having some guidelines in place for when the situation arises. Should it be the seller as it’s their asset? Or the purchaser, who will use the results of the survey for downward negotiation?

If the lender is insisting on an asbestos survey before releasing funds then it is normally the purchaser who pays for the survey. Having said that, we have had many occasions where the seller has paid the bill.

The time period for carrying out the asbestos survey and reporting can take up to 5 working days, in most cases the report is produced within the first 24 hours but it cannot be finalised until the results of testing samples come back from the laboratory. This can be speeded up by the purchaser requesting a premium 24hr sampling service.

Depending on the condition, asbestos containing materials found and confirmed by the survey do not need to be removed from the property and although the asbestos survey is instigated at the point of purchase it should be used going forward in the management of the home by the occupier. If any refurbishments works are planned, tradesman and contractors should be made aware where asbestos is before commencing any work.

Written by Anthony Fallon – anthony@fallonpilott.co.uk

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Estate Agent Talk

Alterations can change a property’s rebuild cost

‘Don’t get caught short’ warning to homeowners from valuations experts – alterations can change a property’s rebuild cost Properties change over time. Homeowners may add an extension, upgrade a kitchen or bathroom, alter the layout, or even change how the building is used, but when do those changes mean it’s time for a new rebuild…
Read More →
Breaking News

HMO conversions hit investors for £82,000 on average

The average cost of converting a property into a house in multiple occupation (HMO) is estimated at more than £82,000 across England, according to new research by residential property management specialist, Rushbrook, although investors looking to avoid the conversion process have more than 2,500 existing licensed HMOs available to purchase. Rushbrook analysed HMO property listings across…
Read More →
Estate Agent Talk

Selling a HAUNTED house?

Property lawyer reveals whether you have to tell buyers about ghosts    HOMEOWNERS selling a property with a spooky reputation have been warned that its haunted history could come back to bite them if a nervous buyer starts asking questions. From unexplained footsteps and doors opening by themselves to tales of former residents refusing to…
Read More →
Breaking News

Renters call for greater transparency in HMOs

National findings released as 1 in 5 tenants report feeling unsafe at some point during their tenancy because of a housemate Rising housing costs pushing more people towards shared accommodation      42% of tenants received no information about their housemates before moving in 60% wish they had known more about who they would be living with…
Read More →
Breaking News

Housing Insight Report: August 2026

August’s figures reveal a housing market where activity continues, but buyers are taking a more cautious approach, making realistic pricing and negotiation increasingly important. Meanwhile, growing tenant demand and limited rental supply continue to create challenges across the lettings market, highlighting the different pressures facing buyers, sellers, landlords and renters. Nathan Emerson, CEO of Propertymark,…
Read More →
mycelium growth
Estate Agent Talk

How to spot and prevent damp and mould in your home

As temperatures fall and homes become more susceptible to condensation and moisture, Propertymark is urging tenants and homeowners to be aware of the signs of damp and mould and take action early to protect their homes and their health. Two-year-old Awaab Ishak died from a severe respiratory infection after being exposed to damp and mould…
Read More →