Should I pull out? Potential remediation works

HelloThere1

Hi all,

I've been in the process of buying a flat in a building under 18m, brick built but does have some wood panelling/cladding near the top. The mortgage lender did not require an EWS1 form however during the searches it came up that there would be an investigation next year into the external walls of the building with the potential need for remediation works. 

My solicitor didn't seem to think it would require remediation because the building is under 18m and the mortgage lender didn't flag any issues but I'm not so sure based on some of the articles I've recently read. There's also a decent number of flats on sale in the building which makes me think people are trying to get out while they still can.

I'm leaning towards pulling out but also feel like I may be being overly cautious, any advice or similar experiences would be much appreciated.

Thanks! 

diggingdude

If you will have other options in the future I would pull out. I wouldn't be considering a flat for a number of reasons but it's easier for me as I don't live in a city 

michael1234

Agree with the previous poster.

NameUnavailable

I wouldn't want to proceed with that uncertainty. The survey alone will be a cost - possibly requiring scaffolding?

Who is the freeholder and management company?

Unless the place is a bargain I would look for a more certain bet.

Simba_the_Lion

Hi, my understanding is that all flats may require fire surveys next year if the legislation comes in, for insurance as well as valuation purposes. The need for EWS1 forms on low-rise buildings is excessive. It strikes me this is for two reasons: 1) the lenders are scared of what they may be letting themselves in for, until the government retracts its Consolidated Advice Note, and 2) the RICS are looking after their own interests - they can see work for themselves forever. The RICS has even suggested that fire surveys should be introduced not just for flats but for all houses as well - half the working population would be employed as building surveyors!

HelloThere1

NameUnavailable said:

I wouldn't want to proceed with that uncertainty. The survey alone will be a cost - possibly requiring scaffolding?

Who is the freeholder and management company?

Unless the place is a bargain I would look for a more certain bet.

Peabody. Apparently the costs won't necessarily have to fall on the leaseholder but there are a lot of news stories where that does seem to be the case.

Simba_the_Lion said:

Hi, my understanding is that all flats may require fire surveys next year if the legislation comes in, for insurance as well as valuation purposes. The need for EWS1 forms on low-rise buildings is excessive. It strikes me this is for two reasons: 1) the lenders are scared of what they may be letting themselves in for, until the government retracts its Consolidated Advice Note, and 2) the RICS are looking after their own interests - they can see work for themselves forever. The RICS has even suggested that fire surveys should be introduced not just for flats but for all houses as well - half the working population would be employed as building surveyors!

Would this mean that buying any flat within the next year would be potentially quite risky then? Seems like this would make it almost impossible to buy property within London.