"Official" Thread for all of us waiting for a cladding report...

senorbear

I have been contacted by an industry expert who says that there are about to be changes in the process brought in by RICS/govt that take all buildings under 11m out of scope (max 3 stories), and brings all buildings over 11m into scope. This has spooked the lenders and surveyor communities and they won;t be issuing a valuation or a mortgage on anything until it has been resolved. How accurate this is I do not know.

Lorenzo94

senorbear said:

They are not issuing a mortgage offer without an EWS1 form. The valuer returned a value of zero.

So Halifax is taking the p**s out of me! The valuation came back without the need of the EWS1 form, and yet Halifax put a condition in the offer that they want one before the mortgage can be completed!

stevekho

Help please guys, did anyone experience an intrusive survey of the cavity barrier. Is there a risk this creates a lot of issues, requiring big constructions? This process is a nightmare, we have been blocked for 9 months 

shn1979

Hi All - can I check if anyone know more about requirements of an ESW1 form for buildings below 18 metres? I’m trying to sell as are people in my block and many lenders are refusing to provide mortgages without this form, the cost of which falls to the lender. Has Martin Lewis provided any advice on this given in today’s metro paper this will impact up to 3 million people? 

Aspatria

I’m in the same position, can’t sell my 1 bed flat because of cladding issue. 

I need to move out to rent a bigger space for family reasons. I wanted to rent my flat and use income to pay the mortgage until the cladding certificate is sorted. My mortgage company doesn’t offer buy to let and  wouldn’t offer a new mortgage even if they did.

What are the repercussions  from a lender if I go ahead and rent  my flat anyway. 

Surely a mortgage company would be satisfied  provided repayments continue? Does anyone have any experience on this issue. 

Are there any other avenues that I could try?

asm89

Aspatria said:

I’m in the same position, can’t sell my 1 bed flat because of cladding issue. 

I need to move out to rent a bigger space for family reasons. I wanted to rent my flat and use income to pay the mortgage until the cladding certificate is sorted. My mortgage company doesn’t offer buy to let and  wouldn’t offer a new mortgage even if they did.

What are the repercussions  from a lender if I go ahead and rent  my flat anyway. 

Surely a mortgage company would be satisfied  provided repayments continue? Does anyone have any experience on this issue. 

Are there any other avenues that I could try?

You can try asking the mortgage company for consent to let? They are likely to grant that, you don't need to convert your mortgage just need a good reason why you need to rent it out and move elsewhere. They normally grant it for a year at a time. 

MWT

Aspatria said:

What are the repercussions  from a lender if I go ahead and rent  my flat anyway. 

Utimately they would have the right to simply call in the mortgage, but it should never get to that as you would appear to have a perfect justification for asking them to grant consent to let for a defined period.

You only want to let for the time it takes to get the cladding problem resolved and then you would sell so tell them that, and there is a good chance you'll get the approval you need to let.

Aspatria

What are the chances of my getting a second mortgage in the interim with this in the background?
I doubt I would be able to borrow against the flat at the moment as it is likely to be valued as nil until the cladding is sorted. I have some savings and a sister (age 56) who has said she  would be prepared to act as guarantor.

asm89

Aspatria said:

What are the chances of my getting a second mortgage in the interim with this in the background?
I doubt I would be able to borrow against the flat at the moment as it is likely to be valued as nil until the cladding is sorted. I have some savings and a sister (age 56) who has said she  would be prepared to act as guarantor.

Your affordability would be significantly reduced because of the other mortgage, so depends what you can afford considering that. You can try some mortgage calculators online. You also haven't successfully rented the place out so they may not take that into consideration. 

Honestly given the cladding issue and current climate. Best to wait to buy a new place, house prices likely to come down in the next 12 months. Safer to rent a new place in the interim. 

Aspatria

Not sure if we’re permitted to post petitions here but this link seems appropriate https://petition.parliament.uk/petitions/328201