Cladded apartment blocks and zero valuations

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    Cladded apartment blocks and zero valuations

    Hi all,

    I am currently trying to purchase a 2 bedroom apartment for a BTL purpose in Manchester, and my first two mortgage providers have refused to lend as, since the new regulations came out in January requiring a BS certificate on ALL KINDS of cladding (which most buildings do not have currently). My question is if anyone else has come across this, and if so, are there any lenders out there that are a little more flexible on this (I understand it's to do with the valuer) as the building is not cladded in ACM, but Terracotta tile.

    I understand the developer and the management company are working to get this documentation, but it could take up to 1 year.

    Any help would be appreciated.


    The "compliance to regulations" situation seems to be outside your control and you have to wait until the developer sorts out the problem.


      I regret to advise that there are no lenders who have published within their criteria governing such matters and in such instances if flexibility does exist the lender will defer to its appointed valuer fortheir professional opinion in the same way as many lenders have an apparent aversion to ex-Council flats which have deck access.; hopefully a lender will refer such property Suitability before you are required to submit an application thereby saving both sides the associated costs / abortive admin time.
      Given that two lenders have declined , hopefully not the same valuer ( check this out as I know only too well that some valuersdo have a predudice against certain property types) this should put down a marker that until the building has been cleared such properties have to be deemed unmortgageable.


        Buy a different property simple


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