Lucy Stevenson is one of a new kind of "mortgage inmates" – rejected by lenders when they are locked in unsold homes and refuse loans. Because her apartment is in the tower block, which has fallen out of the Grenfell disaster.
NHS staff said, “I was trapped because of this. This made it necessary to completely change all the plans and could not withstand the stress. And she is not alone This week it claimed that there could be half a million flat owners in a similar location.
They are all confused about the cladding of building blocks. In particular, whether the building meets the new fire safety standards introduced under the Grenfell disaster, the cost of correcting the problem, and ultimately who should pay for it.
All of this feeds thousands of people who live in apartment blocks and many people who live in smaller blocks because real estate valuers think that if they don't have all the facts, they think they are “high-rise” (defined as 18 meters or more). Giving. At their fingertips – for example, is there a possibility that the landlord will cost less? – They cannot evaluate property. This means that these owners can't sell cheaper mortgages or switch to cheaper mortgages.
Stevenson owns a two-bedroom apartment in an 18-story private house block in Barking, East London, and wanted to sell it for sale. What's interesting about her case is that Barclays was one of the banks that pulled her back because of “cladding and fire safety issues”. But there is a Barclays branch on the ground floor.
Wouldn't some people touch her with a barge if the bank thinks the building is safe enough for employees to work there? But this may be somewhat unfair for Barclays, as this is clearly an industry-wide problem.
Stevenson, who has a 17-month-old son, bought an apartment 10 years ago and told Guardian Money, “I'm stuck in the future. You can't sell them unless you sell them to a cash buyer. ”
Earlier this year, several lenders approached to improve their mortgage contracts. But she found that in the last few months, many people have changed the rules. For example, Santander updated its lending policy regarding buildings with cladding in May, while Barclays' revised policy came into effect in June.
In each case, the evaluation returned to “zero” until a professional report was issued stating that the property meets the requirements of the current guidelines of housing, community and local government. All banks said that this report should be completed by a suitable specialist, commissioned by the building manager and a member of one of the approved agencies list.
“The problem is that building managers are reluctant to write such reports,” Stevenson said.
But the situation is actually much worse than that. In the briefing document, Arma, the leading trade organization for housing rental management, added, “The current demand for services by appropriately qualified professionals is excessively high.” “That suggests potentially six to twelve months of waiting time. Over. It is a pity that in some cases, owners may have difficulty recovering or selling property until they can see this report. ”
Nick Morrey, product technology manager for mortgage broker John Charcol, says this is a “big problem” and creating thousands of “mortgage prisoners” with very limited options.
The outer shell of her building is made of real solid brick, but there is a small isolated single sheet aluminum panel, but this is not an aluminum composite (ACM) cladding that helped spread the fire that claimed 72 lives at Grenfell. There is also a flammable but not flammable insulation between the external brick structure and the concrete inner frame.
After the government released “Advice Note 14” related to cladding in December 2018, we have strengthened the criteria for expensive blocks. But low-rise apartment buildings were also dragged into all these buildings due to fire. Barking sounds in June and Worcester Park in southwest London Sutton in September.
In June, the government issued advice on the risks associated with balconies, further strengthening the results.
What is the advice for those affected?
Morrey says that if repayments to other lenders seem tricky, they talk to an existing bank or building society and ask for a full list of products that can be moved.
Barclays confirmed that a written report is required if the evaluator found that the exterior facade of the building contains potentially flammable substances. In a letter to Stevenson, "We did not say that the building was not safe or there was no risk of fire because we were not qualified to make the assessment."
One good news is that Fiona Haggett, director of evaluation at Barclays Mortgages, is developing a solution for buildings with cladding submitted to Rics, a worldwide research organization. Rics agreed to adopt Haggett's certificate idea, which makes it easier to identify buildings that are not affected by all this, and hopes to pioneer the market for some apartments.
Block Management UK Ltd, Stevenson's building manager, said: We and hundreds of agents rely on specialized agencies and governments to verify test specifications that will meet the lender's requirements, ensure people's safety and protect their investments. ”
The article includes an affiliate link, which allows readers to click and buy for a small fee. All our journalism is independent and unaffected by any advertisers or commercial initiatives. By clicking on the affiliate link, you agree to the setting of third-party cookies. Additional Information.
.