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

asm89

Anneth wrote: »

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:

Did you read the whole article? It gives a lot of detail about how it will work. All theoretical of course. I'd expect the building manager to complete the certificate with part A being for straight forward buildings, but engineers completing part B if there is actually cladding on the building.

All tall buildings seem to be being flagged, there may actually be zero cladding on the building, the valuer hasn't done any testing to say there's definitely cladding.

The certificate is being developed by RICS, valuation companies and lenders, so will be adopted across the industry apparently

Anneth

Ah thank you for clarifying. I think I just misunderstood a bit of it. Hopefully it comes into action soon!

carrotland

haras_nosirrah wrote: »

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.

Which lender is that?
We need to get £75,000 equity out of our flat in order to proceed with a house sale purchase, and I am scratching my head trying to work out how to do it.
We have a buyer for our flat, about to have a valuation done, but last time around, I lost my previous buyer due to waiting fo months for Greshams to issue their report to our management company.I was expecting to get the certificate of compliance or something to pass onto the mortgage provider, but instead got a waffling report, so i don't know what a bank will make of that...
We will roll the dice with this buyer (and I don't feel bad if it costs him a survey, because he was a devious !!!!! and gazundered us by £10,000 when he found out we needed the sale to go through to purchase another house so had us by the balls! :mad:) but i am still not optimistic it will go through all fine!
If we try to remortgage to get the money out, we will run into the same problem, and same with a bridging finance deal too apparently, so its feeling hopeless!
We are currently on a lifetime deal of 1% above tracker with our flat, so a really cheap deal, but if we had to take a hit by moving to a more expensive product for year or so until we could sell, at least we wouldnt' lose our house purchase!

jaybeetoo

Anneth wrote: »

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!!

I've just sold an apartment in a block of 5 storeys. No problems with the survey.

shau

jaybeetoo wrote: »

I've just sold an apartment in a block of 5 storeys. No problems with the survey.

Who was the lender?

shau

haras_nosirrah wrote: »

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

who was the lender? I tried to do a let to buy with BM Solutions(Halifax) they want a MHCLG statement which is no good. It would be good to get a list of "good" and "bad" lenders

jaybeetoo

shau wrote: »

Who was the lender?

Nat West I believe.

haras_nosirrah

It isn't a case of good or bad lenders. It is the surveyors.

Essentially cladding on a property above 6 stories - don't bother unless prepared to pay 6-7% and put down a 40% deposit
Under 6 stories I have been getting some through but choose lenders with free surveys to minimise risk to client

carrotland

haras_nosirrah wrote: »

It isn't a case of good or bad lenders. It is the surveyors.

Essentially cladding on a property above 6 stories - don't bother unless prepared to pay 6-7% and put down a 40% deposit

Do you have any ideas for a high rise that is rendered over insulating foam , concrete frame?
Our buyer is going through Halifax for his application, and no one else seems to be able to sell now. Last time we had a buyer we were asked for " The Building Owner/its agent, as the 'responsible person' under the Regulatory Reform (Fire Safety) Order 2005, should provide a statement post-dating 1 Jan 2019, from a suitably qualified professional to confirm the building meets the requirements of current guidance from MHCLG (Advice Notes 14 & 18)."
We REALLY need to sell, and the buyer really wants to buy, but i am afraid we will still not be able to sell with this going on.

hi123

just had a chat with our advisor who has been knocking on barclays door
bolton fire has appeared to set whole thing back a bit