Cavity Wall Tie Failure - What’s the problem?
Funnily enough lenders don’t like it!
Cavity Wall Ties (CWT) are prone to failure and this results in property damage and loss of value. It affects lender security and your Conceyancer will need to report to the lender with as much information as possible. Your Conveyancer is required to do this.
You will need to firward the seller’s remedial work report, 25 year guarantee and any survey obtained so that the lender can take a view. This is likely to slow things down for you.
Lenders refer internally to their valuer and underwriter which takes time.
If you are the buyer - this is in your best interests and ensures no issues on re-sale or remortgage. Make sure the seller’s CWT Guarantee is assignable to you, and don’t invalidate it. Read the terms & conditions!
Read more about Cavity Wall Tie failure here…