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Bank wants £25,000 for a cladding survey before buying a flat for £111,000!


fern01
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8 hours ago, fern01 said:

Bank wants £25,000 for a cladding fire survey before granting a mortgage to buy a flat for £111,000!

Has to be carried out by a RICS surveyor

The front is glass and concrete and the rear is rendered brick

Does anyone on PW know of a way to sort this out

I can only presume the bank want you to pay to survey the whole block of flats!

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3 hours ago, al4x said:

Surely you can appoint a surveyor yourself, sounds like the bank are hedging their bets and think you are buying the whole block! 

I think its designed for developers who are buying or building a complete block.

Then it would only be a £1000 or two per flat

They are applying it to single flats which means unless you are a cash buyer it just won't happen

Got to be a RICS surveyor appointed by the bank, Nat West 

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6 minutes ago, fern01 said:

I think its designed for developers who are buying or building a complete block.

Then it would only be a £1000 or two per flat

They are applying it to single flats which means unless you are a cash buyer it just won't happen

Got to be a RICS surveyor appointed by the bank, Nat West 

Go with a different bank, or are they all doing the same ???

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Issue is if a valuation has been done and that's states along the lines "we recommend you obtain" that is what they will do after all that is what the professional has recommended and therefore unless they do it further down the line it may cause issues

That said surveyors are been very cautious with their reports as they are terrified of claims

2 hours ago, Lloyd90 said:

Buy somewhere else or find a different lender. 

Think you will find lenders will be pretty much the same

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6 hours ago, silver pigeon69 said:

Have you contacted the Freeholder of the block? They may have had one done already?

If the front is glass and concrete and the rear rendered brick, where is the cladding?

 

There isn't any cladding at all. It is due to  knee jerk reaction legislation following the Glenfell disaster

4 hours ago, button said:

Issue is if a valuation has been done and that's states along the lines "we recommend you obtain" that is what they will do after all that is what the professional has recommended and therefore unless they do it further down the line it may cause issues

That said surveyors are been very cautious with their reports as they are terrified of claims

Think you will find lenders will be pretty much the same

All the banks are quoting the same, and have a tie in with RICS

What it means in practical terms is if you own a flat in a building over five floors high none can get a mortgage to buy it without the £25k survey unless they pay cash.

 

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