Belvar Property Management is excited to share the recent update from mortgage lenders and the Royal Institution of Chartered Surveyors (RICS) that will provide more clarity to leaseholders and prospective buyers seeking to purchase homes with building safety issues. This update will help customers access a range of mortgage products when seeking to purchase or re-mortgage flats impacted by cladding.
The RICS guidance, which was recently published, will help valuers value properties with cladding, making it easier for mortgage lending on affected properties. This will enable lenders to consider mortgage applications on properties in buildings in England of 11m and over in height from Monday, 9 January 2023. However, lenders will need evidence that buildings will be self-remediated by developers or covered by a recognised government scheme or by leaseholder protections contained in the Building Safety Act, as evidenced by a Leaseholder Deed of Certificate.
This development is a significant step towards restoring confidence in the market for those wanting to buy or re-mortgage flats affected by building safety issues. This is because lenders are committed to ensuring that those who want to buy or re-mortgage flats affected by building safety issues will be able to access mortgage finance.
At Belvar Property Management, we understand the importance of providing our clients with up-to-date information on industry developments that affect them. We are committed to ensuring that our clients are aware of the changes and can navigate the process with ease. We are pleased to see that the RICS guidance will help valuers value properties with cladding, enabling mortgage lending on affected properties.
As part of our commitment to helping clients navigate the changing property landscape, we offer a range of services to help property owners and their agents stay informed and compliant. Our team of experts is available to provide guidance and support on building safety issues, including the new requirements under the Building Safety Act 2022.
In conclusion, the update from mortgage lenders and the RICS provides clarity to leaseholders and prospective buyers on purchasing homes with building safety issues. We at Belvar Property Management are committed to keeping our clients up-to-date with industry developments and supporting them through any changes in the property landscape.