EWS1, mortgaging 2-story properties....

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    EWS1, mortgaging 2-story properties....

    EWS1 , mortgages, Scotland.


    I’m in process of slowly flogging off my properties (old age and health, not tax changes..). Sold one two-story house in the Scottish Highlands in February. It had external insulation, OK home report, mortgage happily acquired by purchasers.


    Now (tax-year 20-21) trying to sell another, v v similar. It seems the Scottish law society – see

    https://www.lawscot.org.uk/news-and-...alwallsystems/

    & mortgage lenders have gone overboard on EWS1 & mortgages for externally insulated properties, my purchasers 2 weeks from date-of-entry (=-ish completion) have an issue with getting mortgage.

    It seems to me the lenders are (Grenfell etc..) understandably nervous on lending on such houses, plus probably expecting a post-covid19 & Brex*t house-price slump.

    Ah well, sh*t happens. I’ll likely re-let the place for a couple of years and hope things become more rational, with lenders taking a more balanced view (eg lending on 1 or 2 story properties but not say 3-story and above).


    Any comments or thoughts or suggestions all??

    Slàinte mhath!
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    #2
    Hi the artful lodger, I have as you know posted on this topic recently but with a focus on relatively new build blocks of flats , I am unsure about other types of building particularly those located North of the Border.

    I would reiterate that lenders are very much being guided by their valuers and in the current economic climate are indeed ultra cautious in what and who they will lend on/to , this would certainly appear to be the case as described by you where a property has external insulation cladding and would indeed be required to have the safety sign off by a qualified surveyor, sadly they are in short supply and this is impacting on saleability, a factor which I doubt will change in the near future and I don't mean months.

    Comment


      #3
      Is your property a house below 18 metres high or in a block of flats ? If its a house, pay for a EWS certificate. If its a block of flats, get the Magament Company to pay for the EWS certificate.

      Comment


        #4
        Thanks very much both of you! Excellent as usual!
        I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

        Comment


          #5
          Someone now booked in to do EWS1 this week £1,200 + VaT!!!!!

          IMHO cheaper than waiting for later sale with house prices drop & higher CGT.
          I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

          Comment

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