This means that lenders are reluctant to lend on a property with the insulation.
The foam comes with a guarantee but the guarantee does not ex- tend to any damage it might cause.
“The fact is also that the foam may not have caused damage but the only solution to be sure is to have the foam material removed.”
Removing the insulation is likely to cost more than installation. The sprayed material penetrates all of the crevices and gaps behind timbers, making them difficult to access and remove. Even having done this, not all lenders will then be happy to accept the property for a mortgage. This is because the damage may already have been done.
“Some modern forms of the foam may arguably not cause any damage – but it makes little difference to the mortgage situation until lenders and surveyors start to accept any presented evidence that it is indeed safe to use. Until it can be proven the advice is going to be to remove it.”
Alan Milstein, chairman of the RPSA, said it had carried out an extensive review of spray foam and said because it is impossible to recommend anything other than immediate removal of the spray foam. He added: “And in our experience, this type of information is rarely, if ever, available.”
Mr Milstein said “despite wanting to identify those circumstances where surveyors could give a roof a clean bill of health where spray foam is present, our research concluded that the majority of spray foam installations have been carried out with insufficient preparation to reduce the risk of structural roof timbers being severely weakened by rot and other defects”.
He added: “Installers often prey on vulnerable homeowners, and point to certification and “quality” badges to convince people that spray foam will benefit their property. Sadly, the exact opposite is the case. Owners may find their property difficult, or impossible to sell, may find that lenders will not offer mortgages or equity release funds and risk having to spend thousands of pounds replacing their entire roof covering.”
One of our clients stated “We decided to have the foam installed to save money on our bills. And because also it’s better for the environment. So last year we decided to have our house valued.
We thought it was worth around £250,000. When the valuer had finished looking around our home he asked to look on the roof. He admitted there were no problems with our house, apart from the foam insulation”.
“Of course we immediately booked to have it removed, at a cost of £4,000. It cost £2,000 to install so that’s £6,000 we paid. “
There were three to four men here scrapping it out over a couple of days. And they took out 87 bin bags full of the stuff.” We wrote to our MP because we feel people should be made aware of this, with household bills going up a lot more people will be looking at this.
“The product we had installed in 2018 came with a 25-year guarantee and BBA approval. “It is still being installed on the government green grant scheme, yet there are barely any financial institutions that will touch it.”
Peter is one of the experts for the Grand Designs Live TV show and is recognised in the Vouched For guide to the UK’s top rated Financial & Mortgage Advisers. Always speak to a independent financial adviser/mortgage broker about the options available to you.
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For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
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THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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