It is now three and a half years since the Grenfell Tower fire and there has been much confusion as to which buildings are considered at risk. This has had a serious effect on many buyers trying to obtain a mortgage for a property within a block of flats whether its to re-mortgage or to obtain a mortgage to buy. As a number of lenders have been reluctant to lend in such circumstances.
Finally, there is some light at the end of the tunnel
The Royal Institute of Chartered Surveyors (RICS), together with UK finance and The Building Societies Association(BSA) has now agreed between themselves valuation procedure for remortgaging and selling flats in buildings where combustible materials may have been used.
For those buildings that are over 6 storeys EWS1 form (External Wall Fire Review)which is in effect, a fire safety certificate will only be required if
a. if there is cladding on the building
b. There are balconies stacked vertically above each other.
c. Where combustible material has been used in the construction of balconies.
For a building of 5- 6 storeys, an EWS1 form will be required if
a. approximately 25% of the building has cladding.
b. ACM(Aluminium Composite Material), MCM(Metal Composite Panels)or HPL(Hire Pressure Laminate)panels have been used in the construction of the building.
c. There are balconies stacked vertically above each other.
d. Where combustible material has been used in the construction of balconies.
For buildings of less than 5 storeys, an EWS1 form will be required if
a. ACM(Aluminium Composite Material), MCM(Metal Composite Panels)or HPL(Hire Pressure Laminate)panels have been used in the construction of the building.
John Bishop – Director Colin Bibra, Ealing Broadway Office