My property has been valued at £0 because of Cladding – HELP!

Stay away from flats with ACM material and/or flammable cladding.

Think with me: If you are having difficulty obtaining a Mortgage to buy it, you will have difficulty Remortgaging and selling it!

You can usually spot the flats that may cause you issues with a naked eye. 

A flat with cladding

If the surveyor that goes round to value your property is cautious of the material on the exterior of the building, this hesitance alone causes a delay for you. 

This delay is caused as you will be required to prove that the material on the exterior of the flat is not flammable. This is in the form of a fire report that the Estate Agent, Managing Agent or vendor should have. 

Valuers have become increasingly concerned, because Advice Note 14 means the owner has to say the building’s material is fully safe, which is very difficult to do while the building waits for inspection results and while everyone waits for the government’s cladding test outcomes.

Surveyors and mortgage lenders are requiring building owners to demonstrate that cladding meets Advice Note 14’s criteria. If they can’t, the properties are valued at zero.

Most building owners cannot immediately provide these assurances, so they are having to get trained professional engineers to carry out lengthy and costly checks, holding up sales, purchases and Remortgages.

If you’re currently suffering this issue as a Home Owner Remortgaging your property, then the best person to speak to regarding this kind of report is the leaseholder/the managing agent. If the building hasn’t undergone a fire and risk assessment since the Grenfell tragedy, then this is probably currently in the works and you will not be able to do much until you have the results of this report back.

Grenfell Tower

It is extremely inconvenient and disheartening, however you have to understand that there are hundreds, maybe even thousands of buildings nationwide that have to adhere to this new advice note since the multiple lives lost in the Grenfell fire due to the deadly flammable materials used on the block of flats. 

As you can imagine, a surveyor is not going to deem your property as suitable security for a Mortgage if they cannot prove that it adheres to relevant legal requirements. 

Advice to those wanting to Remortgage a property with cladding issues Stay with your current lender and do a rate switch. This is simple, you choose a new product from their latest Mortgage product range and avoid going on the variable rate. A valuation is not required for this. You can make this kind of switch in branch, over the phone and sometimes online.

Advice for those wanting to Buy a property with cladding issues
Avoid avoid avoid. Don’t do it. Walk away. 

New Year, New Me, New Home?

New Years resolution. 

Maybe this new home goal rings a bell? 

If you waited until January to put your house on the market, or begin house hunting, welcome to the pool of the hundreds of others who are doing exactly the same.

Maybe you’ve come across your dream home, but guess what? You’re going to get outbid! Why? For every property out there you’re willing to pay X amount more for, there’s someone out there who has that little bit more liquid cash. That someone is willing to bump up their Offer to secure this property that turns out to be their dream home too. 

Buying a New Home this year? 

Here’s some advice:

Always have a buffer. Go in low (On the nose or just £5K under the asking price) and leave yourself room to increase your Offer so that you don’t get out bid.

Don’t over stretch yourself. Look at properties just under your budget in order to leave room for unexpected costs: if you have money left over at the end – even better.

Make sure you view the property both in the day and night. 

What vibe do you get? Are there people hanging on the corner? Is parking going to be an issue during peak times?

These are all things to take in to consideration.

Don’t forget to read up on the local area. What kind of crime takes place? Are you moving in to the middle of a gang war zone or a place that is renown for home burglary?

Remember that buying a new home is a long term thing, you can’t simply press undo or get a refund after living there for a month of feeling uncomfortable. Don’t be hasty, shop around and trust your instinct. 

Happy first Monday of the New Year and Happy House Hunting!

Feel free to share your House woes and House Wins with me ⤸

Twitter: @AshantaLC

Instagram: @Ashanta_

LinkedIn: Ashanta Charm 

image source

2019 Retrospective

Thank you for your views and engagement from across the globe

August 24th 2018 – TellMeElleCee was born. An introductory post was published and so the journey began!

From August 26th 2018 – Throughout 2019 a variety of posts, Mortgage industry gold and financial hacks were shared. 

The following 18 topics have been dissected and explored:

Here’s to an informative 2020…