EWS1 - FRAEW actual cost *HELP*

LeBronTHYP

Hi,

I'm in a situation where my tenant is buying my flat all agreed. The valuer for the mortgage has come back siteing an EWS1 is needed....although the flat has no cladding, It has wood in the balconies, of approx half the flats.

It is under 18m, 4 levels including pent house. Built in 2004.

it has no EWS1 as not deemed not necessary.

Nationwide lender insisting on. EWS1 or FRAEW.

How much do these actually cost? the range online is wide, essentially to assess the flammability of wood in the balconies (I don't even have a balcony).

Management agents don't want to do it, I assume as may lead to remedial works cost.

However I'm concerned this can come up on my remortgage end on OF Jan, my current lender Is an arm of Nationwide. Which i also think will be affecting other flats remortgaging soon.

Considering paying for it myself to get my sale over the line.

Help Please

jennifernil

Our daughter sold a ground floor flat in Scotland, only one  top floor flat had some type of cladding, she had to provide an EWS1, cost her £500

LeBronTHYP

jennifernil said:

Our daughter sold a ground floor flat in Scotland, only one  top floor flat had some type of cladding, she had to provide an EWS1, cost her £500

Thank you, would you be able to tell me the company that supplied it. Thanks

newdriver101

My understanding is an EWS1 can only be provided by the freeholder as it relates to the whole building - you cannot get an EWS1 cert just for your flat (this is E&W - Scotland may be different).
I was in a similar situation (under 18m + no cladding).
I struggled to sell/remortgage as lenders required EWS1 and my freeholder would not obtain this certificate as they had no legal obligation to do so.  This had a huge effect on my onward purchase...
I'm afraid to say your tenant/buyer may need to try another lender that does not require the EWS1 certificate.

Just to add - my situation was a couple of years ago - someone told me lenders are a bit more relaxed about the EWS1 now (just need to find the right lender) and/or the EWS1 requirements may change (or have changed??)...

LeBronTHYP

newdriver101 said:

My understanding is an EWS1 can only be provided by the freeholder as it relates to the whole building - you cannot get an EWS1 cert just for your flat (this is E&W - Scotland may be different).
I was in a similar situation (under 18m + no cladding).
I struggled to sell/remortgage as lenders required EWS1 and my freeholder would not obtain this certificate as they had no legal obligation to do so.  This had a huge effect on my onward purchase...
I'm afraid to say your tenant/buyer may need to try another lender that does not require the EWS1 certificate.

Just to add - my situation was a couple of years ago - someone told me lenders are a bit more relaxed about the EWS1 now (just need to find the right lender) and/or the EWS1 requirements may change (or have changed??)...

Hi ,

Appreciate the reply, the block is self-managed by owners, I'm a director can we instruct it.... as the managing agent? Planning for it to be for the building....but not sure they will appreciate remediation costs for the balconies if recommended. But I believe most people just don't realise re-mortgaging is about to be an issue.

The freehold was sold 10 years ago to a London-based company... that is really only good at collecting ground rent. 

Nationwide said they'd also accept an FRAEW.

How did you solve it in the end? Request was in the last 4 weeks...they have a mortgage offer from another lender who is sending a valuer from the same company! ahhh

@newd@newdriver101

newdriver101

Ah...OK.  Your scenario sounds more positive...
If Natwest said they will accept the FRAEW then that should be fine...  Good luck!!
My situation is still unresolved - I couldn't sell/remortgage + had to rent out my flat + pay the extra stamp duty(!) in order to complete on the new flat...

breeze007

Unfortunately all banks are now requesting a copy of the EWS1 certificate if the buyer is arranging a mortgage.  Our property management company do not have a copy of this EWS1 or FRAEW.  We live in a three storey building under 18m high however the RIC (Royal Institution of Chartered Surveyors) are currently recommending all banks to request irrelevant of height.  This is a ticking time bomb,  we are unable to sell our flat under current regulation unless its a cash buyer however any good solicitor will advise them on obtaining an EWS1 as this will protect their asset as with no resales other than cash buyers it does narrow the market and also depreciate your asset.
RIC and the banks need to clarify the situation ASAP.