mortgages on flats post Grenfell Fire

Minerva77

I'm in the process of selling my flat which is a leasehold flat within a council managed block. The building is 7 storeys high so I already knew there were a smaller number of lenders who would be willing to lend on it due to it's height because I've experienced that myself. However the person who I've accepted an offer from has now had 2 mortgages turned down by main lenders who had been loaning on it (including my current lender) stating the Grenfell fire as their reason for not loaning on it. The council had previous introduced a significant number of improvements specifically around fire safety following on from the southwark fire a few years ago and they have carried out new assessments since. There is no cladding on the building either. Has anyone else heard of or experienced this and do you have any ideas of lenders who are still willing to lend on properties like this?

David_White

I've not come across this yet albeit it's not really my market.

I'd be surprised if lenders were happy going on record that they're not lending on a property specifically because of this incident though.... they might be thinking it but to explicitly say it would be bold.

Minerva77

I thought that too. From what I've been told it sounds like my purchaser's broker has been given that information from the lenders and it was around fire safety following on from "a recent incident".