fern01 Posted September 11, 2020 Report Share Posted September 11, 2020 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 Quote Link to comment Share on other sites More sharing options...
al4x Posted September 12, 2020 Report Share Posted September 12, 2020 Surely you can appoint a surveyor yourself, sounds like the bank are hedging their bets and think you are buying the whole block! Quote Link to comment Share on other sites More sharing options...
TIGHTCHOKE Posted September 12, 2020 Report Share Posted September 12, 2020 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! Quote Link to comment Share on other sites More sharing options...
The Heron Posted September 12, 2020 Report Share Posted September 12, 2020 Buy something else. Quote Link to comment Share on other sites More sharing options...
fern01 Posted September 12, 2020 Author Report Share Posted September 12, 2020 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 Quote Link to comment Share on other sites More sharing options...
Newbie to this Posted September 12, 2020 Report Share Posted September 12, 2020 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 Quote Link to comment Share on other sites More sharing options...
blackbird Posted September 12, 2020 Report Share Posted September 12, 2020 4 hours ago, The Heron said: Buy something else. Exactly what I thought 🙈 Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted September 12, 2020 Report Share Posted September 12, 2020 Buy somewhere else or find a different lender. Quote Link to comment Share on other sites More sharing options...
silver pigeon69 Posted September 12, 2020 Report Share Posted September 12, 2020 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? Quote Link to comment Share on other sites More sharing options...
button Posted September 12, 2020 Report Share Posted September 12, 2020 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 Quote Link to comment Share on other sites More sharing options...
fern01 Posted September 12, 2020 Author Report Share Posted September 12, 2020 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. Quote Link to comment Share on other sites More sharing options...
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