The help to buy scheme benefited thousands of homeowners with somewhere in the region of 375,000 help to buy loans issued over the course of the scheme. However there have been significant issues if you are one of the thousands of homeowners that bought a flat under the help to buy scheme that has subsequently been found to have unsafe cladding (an ‘EWS1’ rating of B2).
The EWS1 rating is critical to finding a surveyor that will be able to produce a compliant help to buy valuation. The majority of surveyors will not value a flat that has an adverse EWS1 rating. Homes England revealed that there were only 18 surveying firms nationwide that have produced help to buy valuations on flats with an adverse EWS1 rating. We are proud to be able to say that we are one of those firms that are able to produce a Help to Buy valuation on a flat with an adverse EWS1 rating.
We recently were able to help Mr. K. With his help to buy valuation.
Mr K. Bought his 2 bedroom penthouse flat in a converted office building in Croydon in October 2016 for £460,000. He was happy in his home for several years until he decided to put the flat on the market in order to buy a house. He quickly realised that there were going to be problems when he had little to no interest in the property with successive potential buyers dropping out. He approached us for advice.
We quickly established that the problem was the B2 rated EWS1 form.
The adverse EWS1 form (B2 rating) was preventing him from securing a buyer on the property, so he asked for our help to pay off the Help to Buy loan so at least he could rent the flat out to enable him to move on.
After extensive research we decided that the current value of the flat with the unsafe cladding was likely to be in the region of £250,000 (he paid £460,000).
With our years of experience and highly qualified valuers we were able to produce a compliant help to buy report, valuing the flat at £250,000 which was subsequently accepted by Homes England enabling Mr K to pay off his help to buy loan for a significantly lower sum than he otherwise would have been able to.
The flat with cladding and an adverse EWS1 rating of B2 is now 100% owned by Mr K. Enabling him to rent the flat out or sell it without the restrictions of the help to buy loan.
If you have a help to buy loan on a flat with cladding or an adverse EWS1 rating contact us for advice
The EWS1 rating is critical to finding a surveyor that will be able to produce a compliant help to buy valuation. The majority of surveyors will not value a flat that has an adverse EWS1 rating. Homes England revealed that there were only 18 surveying firms nationwide that have produced help to buy valuations on flats with an adverse EWS1 rating. We are proud to be able to say that we are one of those firms that are able to produce a Help to Buy valuation on a flat with an adverse EWS1 rating.
We recently were able to help Mr. K. With his help to buy valuation.
Mr K. Bought his 2 bedroom penthouse flat in a converted office building in Croydon in October 2016 for £460,000. He was happy in his home for several years until he decided to put the flat on the market in order to buy a house. He quickly realised that there were going to be problems when he had little to no interest in the property with successive potential buyers dropping out. He approached us for advice.
We quickly established that the problem was the B2 rated EWS1 form.
The adverse EWS1 form (B2 rating) was preventing him from securing a buyer on the property, so he asked for our help to pay off the Help to Buy loan so at least he could rent the flat out to enable him to move on.
After extensive research we decided that the current value of the flat with the unsafe cladding was likely to be in the region of £250,000 (he paid £460,000).
With our years of experience and highly qualified valuers we were able to produce a compliant help to buy report, valuing the flat at £250,000 which was subsequently accepted by Homes England enabling Mr K to pay off his help to buy loan for a significantly lower sum than he otherwise would have been able to.
The flat with cladding and an adverse EWS1 rating of B2 is now 100% owned by Mr K. Enabling him to rent the flat out or sell it without the restrictions of the help to buy loan.
If you have a help to buy loan on a flat with cladding or an adverse EWS1 rating contact us for advice