| Title: |
Alleviation of barriers for the financing and sale of contaminated and potentially contaminated sites
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| Resource Type: |
document --> technical publication --> report
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| Country: |
Denmark
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| Language(s): |
Danish
English
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| Year: |
2004 |
| Availability: |
Environmental project, Miljørapport nr. 923
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| Author 1/Producer: |
Kaalund, L.
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| Other Authors/Producers: |
Jespersen, K.
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| Author / Producer Type: |
Agency, regulator or other governmental or inter-governmental body
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| Publisher: |
The Danish Environmental Protection Agency, Miljøstyrelsen
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| Publisher City: |
Strandgade 29, DK-1405 Copenhagen K, Denmark
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| ISBN: |
87-7614-269-8
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| Format (e.g. PDF): |
PDF
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| Size: (e.g. 20mb) |
109
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EUGRIS Keyword(s): |
Contaminated land-->Contaminated land overview
Contaminated land-->policy and regulatory
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| Short description: |
An analysis of the barriers for property sales and mortgages for registered contaminated residential properties has been carried out. Barriers have been identified and classified into three main aspects: low volume of transactions, difficulty in obtaining a commitment for a mortgage, and structural/administrative barriers. Uncertainty is the common theme for these three barriers.
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| Long description: |
In connection with property sale and mortgages for residential properties registered as contaminated sites, any kind of uncertainty is detrimental. A low volume of sales for this type of property has a tendency to reduce prices and may ultimately result in rejection of mortgage applications. This may be explained by the complex interaction between economy, perceived health risks and uncertainty. However, mortgage institutes do not automatically reject applications for residences on contaminated sites, but structural/administrative factors make it difficult to distinguish between significant and insignificant levels of contamination. The slowness and uncertainty of time-scale for the administrative decisions is a problem and the decisions themselves are often perceived as unclear. Finally, there is a degree of uncertainty with regard to future legislative developments – will the concept of objective responsibility regardless of culpability be introduced? Suggested solutions include the need for better information for home owners from both mortgage institutes and the authorities. The soil contamination may – like other special conditions –result in rejection of a mortgage application. More detailed information may make a better basis for decisions. Furthermore, authorities should make more accurate and specific declarations on the levels of contamination and consequences in connection with registration.
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Submitted By:
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Dr Jacqueline Falkenberg WhoDoesWhat?
Last update: 11/04/2007
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