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

haras_nosirrah

I think it is better to product transfer than remortgage. Your existing lender already carries the risk and isn't increasing the risk. You will struggle to change lender

mhuk01

Problem for me is that it is a 'remortgage' but of an unencumbered property.

haras_nosirrah

I am afraid then that it is highly unlikely at the moment you will get finance.

I know of one lender who says they will do it up to 60% loan to value.

Rates are 6-7% though.

If you are in desperate need then that is an option and then when this mess is sorted refinance to the high street.

Everyone else is currently no if the block is above 6 stories or 18m tall unless the relevant fire reports have been done.

MikeHu

Hi all - you need to write to Esther McVey MP & Robert Jenrick MP.

I have already done this as our block is in a similar situation, albeit managing agent have appointed a company to do the tests - but it will take some time.

As Ministers Of State for Housing, it’s these two who need to withdraw or amend Advice Note 14 which is what is causing the issues. Once further guidance is provided for AN14, it will give surveyors the confidence to sign off on buildings without risking their PI Insurance.

mhuk01

MikeHu wrote: »

Hi all - you need to write to Esther McVey MP & Robert Jenrick MP.

I have already done this as our block is in a similar situation, albeit managing agent have appointed a company to do the tests - but it will take some time.

As Ministers Of State for Housing, it’s these two who need to withdraw or amend Advice Note 14 which is what is causing the issues. Once further guidance is provided for AN14, it will give surveyors the confidence to sign off on buildings without risking their PI Insurance.

I've emailed them. Just a heads up for anyone else wanting to email, you need to use the form https://forms.communities.gov.uk/

NotThatKindofDr

Hi,

I just wanted to say I have also been bitten by this.

I'm in Scotland.
I had found the ideal flat for me, read the home report but didn't think this would be an issue (just some paperwork to get) so I put in an offer on PurpleBricks (on the condition my mortgage would be approved with regards to the cladding). Contacted my lender (Halifax) who told me they wouldn't likely lend on it if there was full value retention on the home report. So I had to withdraw my offer just as the closing date was announced,

thoroughly gutted.

Anneth

If the building is 5 storeys or under then are the banks still asking for the reports? I am shocked that nothing is being done about this in such a delicate economy, every effort should be made to encourage buying and selling!!

haras_nosirrah

I have got one through recently 5 stories or under. It is slightly pot luck but better odds.

asm89

Hopefully this is great news for us all

https://www.mortgagesolutions.co.uk/news/2019/11/04/barclays-developed-cladding-certificate-set-to-be-adopted-by-rics-in-next-few-weeks/

Anneth

Little confused. Who will be filling this certificate out? If the banks have questioned whether the flat has unsuitable cladding during the valuation then how will this certificate counteract that? Will they still require some of proof that the building conforms to what they initially requested. :huh: