The Issue
If you have been trying to sell your flat recently you will be aware that the flat market is currently facing a major crisis. With the Grenfell Tower disaster, the British government has put together strict guidelines on the materials and maintenance of cladding used in all flats to make sure that they are not combustible. Any cladding that is classed as unsafe must be removed at the expense of the leaseholders.
Due to these requirements, property buyers are very hesitant to invest in flats due to the issues surrounding cladding removal costs and fear of safety. Those very few who still want to invest in apartments are being declined mortgages from many lenders and as a consequence over 30,000 deals have fallen through recently.
What You Need to Know
To sell your flat, the government requires an External Wall System Survey (EWS1) to be completed. This survey is conducted by a chartered fire engineer, and the findings need to be documented to prove to lenders and buyers that the property does not have any dangerous cladding or any other materials that can cause harm or damage especially during a fire.
The document provides a grading system; A1, A2, A3, B1 and B2, with A1 being the best grade that you can receive and confirms that no work is necessary and that the property is safe. B2 is the worst grade you can receive on your property as this indicates there are combustible materials within the property and that a significant amount of work will need to be carried out to make the property safe.
To make matters worse, there is a huge backlog in the demand for EWS1 Surveys being carried out and flat owners are made to wait a long time to receive the documentation. Even when you have successfully had the EWS1 survey carried out with a decent grade, buyers are still very cautious and hesitant when it comes to purchasing apartments especially if they are not graded A1. Even cash buyers are refusing to purchase flats with any doubts in regards to any type of material.
How Midas Quick Property Buyer Can Help
Midas Quick Property Buyer understands how difficult and frustrating a situation like this can be and is able to help by purchasing your flat or apartment from you even if there are existing cladding issues. If an EWS1 Survey has been completed, we can use the results to make an accurate offer and complete the sale within a few days. If a EWS1 Survey has not been carried out, we will still be willing to purchase the property.
Once we have agreed a price with you for your property, you can sit back and relax and let us do all the work whilst we provide a stress free sales service. Furthermore, there won’t be any unnecessary or hidden fees as we cover all the costs on our side. We shall provide a fast and easy way for you to sell your flat and we shall use our own cash to do so – this ensures we can purchase your property quickly and without any last minute surprises or chains.
Learn more about the cladding crisis
Why not contact us today for a free and non-obligatory quote. Enquire now via telephone 020 7206 2691 or email sales@midasquickpropertybuyer.com.
Testimonial
“These guys completed the sale fast and kept me updated while handling everything. I’m so happy it’s sorted. Thanks!!!” Carol Karrimor.“