Any home built before the year 2000 could potentially contain asbestos. November 1999 is the date that asbestos was finally banned from use in the United Kingdom but most continental European countries followed suit a couple of years later. Irrespective of the known health effects, asbestos is still mined, manufactured and used in many other countries around the world.
As a homeowner, buyer or seller, you may wish to carry out an asbestos survey regardless of third party requirements. If asbestos is found in the property it doesn’t necessarily have to be removed but it can be expensive if it does have to be removed.
The asbestos survey report identifies asbestos in the home and gives advice on the condition and potential health issues along with the cost of any remediation or removal in order to finalise negotiations.
Where a mortgage is applied for, the valuation or home buyers survey report may highlight suspicious materials that could be asbestos. Asbestos can have an adverse effect on the valuation of the home and the lender will want to ensure the assets value matches the lending criteria.
To satisfy the lenders criteria, they will require the purchaser to have an asbestos survey carried out to confirm whether asbestos materials are present and as to whether they pose any health risks.
The asbestos survey identify the product, the type of asbestos, the surface treatment and the extent of any damage. If the asbestos is in excellent condition and there is no danger of fibre release, there is no requirement to do anything.