My name is Holly & my husband and I have lived in Burke House since the development opened. I have never really used the forum before, but very much appreciate the work the DSRA do in ensuring that the standards of the square are maintained to a high standard.
Dave and I are in the process of selling our flat and have come up against the issue of our buyers' mortgage lender not approving the mortgage until they have more info on the fire safety of the cladding. I have been following the work that First Port and Barratts are doing closely through their written communications with us, but until now had not really had a reason to look into the technicalities of the issue. My understanding is that mortgage lenders are most concerned with a particular kind of ACM cladding on buildings over 18m high. From the latest letters received, there is mention of problem cladding on phase 1, and advice that the risk rating of the building has been raised from moderate to substantial. However, it's not explicit in referencing ACM cladding, or what it means for those of us who don't own properties in phase 1.
I have contacted First Port for further info and am hoping they will get back to me next week. I'm also conscious that we're somewhat at the behest of our buyers' mortgage lender. But I just wanted to reach out and see if anyone else has been through, or is going through, something similar, and has any comments or tips to share.
Hi Holly, I am the owner of a flat in Thomas Tower and has run into the same problem when trying to re-mortgage the flat. The lender will not lend as the surveyor is valuing the flat £0 until a Fire Safety Report is in place for the building.
I contacted First Port who's 'Transaction Team' do not take phone queries, only email. When I asked for a Fire Safety Report they sent me a pre-written general email about how long it would take to get one and that the timescales involved are months. I have asked if they have started the process of getting one in place for the building but have yet to receive a reply.
From what I understand it would be impossible to the sell the flats as long as surveyors will not value them.
I own a flat in Ruffin House and I was about to purchase a 2nd home when I received the letter from Barratt's essentially detailing that it would be almost impossible to secure lending until the works are carried out! Which is a nightmare. Have you made any progress since October?