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Cleared ESW1 form…but still have to replace cladding
smem18
Posts: 79 Forumite
Hi everyone,
I have a situation and I really can’t find any similar situation online or advice about it. I live in a flat and we had the cladding inspected last year. The ESW1 form came back with a B1 rating (no remedial works needed) and we thought that was the end of it.
However the buildings insurance came up for renewal and because the insulation contains a material the insurer doesn’t like (combustible), the premium has gone from £40k per annum to £230k per annum! This will at least double every leaseholders service charge bill from June 2022 onwards. The situation is unusual because we have the signed EWS1 form! And also because the cladding material itself is ok, but the insulation material is not. Sadly the two are combined into one composite piece thought so the whole lot will have to be replaced if we want ever the insurance premium reduced in the future. The managing agent is in discussions with the developer to get them to replace it (flats only 5 years old) and we are crossing fingers.
my question is: we were hoping to sell our flat this year and I actually have appointments with estate agents already the next few days for chats and valuations. If we want to go ahead and sell (and I would seriously like to get out of here even more now ASAP…) at what stage would this increase in the service charge be disclosed to the buyer/potential buyers?! I don’t really understand how that would work. We have the EWS1 so they’d have no problem getting a mortgage or anything, but obviously the service charge being high due to the insurance, and the potential for the cladding coming down, would be very off putting
I have a situation and I really can’t find any similar situation online or advice about it. I live in a flat and we had the cladding inspected last year. The ESW1 form came back with a B1 rating (no remedial works needed) and we thought that was the end of it.
However the buildings insurance came up for renewal and because the insulation contains a material the insurer doesn’t like (combustible), the premium has gone from £40k per annum to £230k per annum! This will at least double every leaseholders service charge bill from June 2022 onwards. The situation is unusual because we have the signed EWS1 form! And also because the cladding material itself is ok, but the insulation material is not. Sadly the two are combined into one composite piece thought so the whole lot will have to be replaced if we want ever the insurance premium reduced in the future. The managing agent is in discussions with the developer to get them to replace it (flats only 5 years old) and we are crossing fingers.
my question is: we were hoping to sell our flat this year and I actually have appointments with estate agents already the next few days for chats and valuations. If we want to go ahead and sell (and I would seriously like to get out of here even more now ASAP…) at what stage would this increase in the service charge be disclosed to the buyer/potential buyers?! I don’t really understand how that would work. We have the EWS1 so they’d have no problem getting a mortgage or anything, but obviously the service charge being high due to the insurance, and the potential for the cladding coming down, would be very off putting
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