Am I crazy for purchasing a brick built, non clad building under 18m with no EWS1?

FTBLondonHelp2022

I'm flip flopping between carrying on with the purchase of a flat in London versus pulling out and seeing what the market is like next year. My offer was accepted on a great 2 bed 2 bath flat in Bow, London right next to Bromley-by-Bow tube station for 425k (it is not a new build and was built in 2006). I would be fixing my mortgage rate for 5 years and I have applied for a mortgage with a 3.9% interest rate with 10% deposit.

When I went to view the flat I was explicitly told that the block of flats do not require an EWS1 form. The flats are less than 18m and brick built no cladding present. I am still very much in the early days of the process and will be engaging my solicitor to gather more details.

However, I'm still confused how they can prove that there is no cladding present without an EWS1. The management company confirmed that they do Fire Risk Assessments and the last one was done in July but I haven't yet seen a copy of it to determine what is assessed.

My mortgage application is still being processed with NatWest, however they stated that their valuer would assess the flat and will determine if it requires an EWS1. If it does require an EWS1 I would not be able to get a mortgage. 

I'm worried that even if NatWest decide to give me a mortgage I may have issues down the line... I plan to keep the flat that I eventually buy long-term >10 years.

In your opinion, is it ridiculous for me to even be considering this purchase without an EWS1 form? 

K_S

@FTBLondonHelp2022 Can't speak for your specific property but generally speaking, if it's a conventional brick-built low rise block in E3 there's unlikely to be any significant issues getting a mortgage on it or saleability issues due to construction.

It's certainly not ridiculous to consider this purchase if it's right for you. You're still early in the process and conveyancing will take a good few months anyways, so you always have the opportunity to pull out all the way until exchange. 

FTBLondonHelp2022 said:

I'm flip flopping between carrying on with the purchase of a flat in London versus pulling out and seeing what the market is like next year. My offer was accepted on a great 2 bed 2 bath flat in Bow, London right next to Bromley-by-Bow tube station for 425k (it is not a new build and was built in 2006). I would be fixing my mortgage rate for 5 years and I have applied for a mortgage with a 3.9% interest rate with 10% deposit.

When I went to view the flat I was explicitly told that the block of flats do not require an EWS1 form. The flats are less than 18m and brick built no cladding present. I am still very much in the early days of the process and will be engaging my solicitor to gather more details.

However, I'm still confused how they can prove that there is no cladding present without an EWS1. The management company confirmed that they do Fire Risk Assessments and the last one was done in July but I haven't yet seen a copy of it to determine what is assessed.

My mortgage application is still being processed with NatWest, however they stated that their valuer would assess the flat and will determine if it requires an EWS1. If it does require an EWS1 I would not be able to get a mortgage. 

I'm worried that even if NatWest decide to give me a mortgage I may have issues down the line... I plan to keep the flat that I eventually buy long-term >10 years.

In your opinion, is it ridiculous for me to even be considering this purchase without an EWS1 form?

PK_London

Go via a mortgage broker if you can and make sure they find you a lender who will lend on it. All the banks have different criteria. I bought my flat because HSBC were happy to lend on it but Barclays were not. You have a rate you'll be hard pushed to come across again but if its the right property at the right price, just make sure your lender will lend on it before you proceed with the conveyance.