ACM Cladding - which lenders will

[Deleted User]

haras_nosirrah wrote: »

Am researching this for a client who is looking to buy a property with amc cladding.

Have contacted every Bdm I can and nearly all are saying no until the cladding is removed or until the property checks confirm it is acceptable to the new standards.

I have had a lender come back as a yes with a 40% deposit

Together Homeloans? They would lend on the 3 pigs starw house with 40% deposit

[Deleted User]

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davidmcn

Lemonade2018 wrote: »

So what do sellers do when their home they are trying to sell is affected by cladding?

It could take years for the management company to fix.

They need to wait until it's fixed.

Or find a buyer willing to take on the risk - but in practice it's going to be cash buyers only.

haras_nosirrah

From my research over the last 2 days there are more options if the property is under 6 stories and there is a date for removal. My client was looking at a 9 story building and they are also hit by the new rules that came in Dec last year for any property over 6 stories with any form of cladding (not just acm) that they all have to have the appropriate certificates to show they confirm to the fire safety rules which if it is acm due for removal it clearly won't.

Essentially if you are in an acm building under 6 stories with a removal date you have some options. Over 6 stories you just have to wait it out until it is gone.

borford

As an update, unfortunately the buyer fell through. He wasn't prepared to continue with Santander, so I can't give anymore info on what the outcome would have been.

We listed our property with PurpleBricks and were advised by our agent to take a 'marketing break'. We are fortunate that the cladding is being replaced and have a rough date as to completion.

That said, a cash buyer came to the fore and we have (reluctantly) accepted. Whilst we will not lose money on the property, we stand to make far less than we could have. As much as we could hang on to the property, for financial and personal reasons it is best to part ways.

Whilst when purchasing we could not foresee what was to come, I do feel somewhat lucky that the cladding is being replaced and paid for by the developer. I sympathise with all those who are trying to make their next move and are unable to because of the new rules. All the best.

DavyNix

In the same position here, but just trying to re-mortgage

The building company ‘Country Side’ have said that the government are only enforcing this on property’s over 18 metres high so will not be removing the cladding.

Anybody had any success stories of those lenders that will work to the specifics of the regulation and not just point-blank reject us?
Thanks - David