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amey-
renting out is the only option
Not likely as mortgage valuers will ask for the ews1 form before signing off on the valuation. No form no BTL mortgage.
This is the situation I'm in. In a housing Assoc block of flats that we staircased up to 100% on from shared ownership. We can't sell, can't remortgage and have to pay a huge amount of interest now our initial fixed rate deal has expired.
Edit: I'm hoping that a Tory government will resort to their self imposed stereotype of being the party of home ownership to sort this out but with this shower of abject cunts led by morons I won't be holding my breath as I slowly slide into insolvency.
Bobbo
EWS1 Update:
No chance of selling my flat now. Guidance was changed yesterday to bring all buildings with any type of EWS into scope.
Here is my prediction: Homeowners in blocks of flats are canaries in the coal mine for what is about to happen. Since about the 1980s buildings have been constructed as concrete and steel structures skinned with all sorts of materials and insulated between skin and structure. Fire regs have been woefully inadequate and the insulation underneath all those skins is not going to pass the combustibility tests of the post-Grenfell era especially when you consider that building materials have often been substituted by profit incentivised home builders, for similar materials that are cheaper than those spec'd by the Architects. Few records have been kept of these so invasive examinations will need to be conducted at which point 10's of thousands of buildings will be condemned to nil valuations, making them unmortgageable.
This will start in blocks of flats and quickly spread to commercial buildings causing a huge property crisis. It is of the governments making having rushed through legislation post-Grenfell with little understanding of the process for building regs and the amount of bad-buildings in 'the system'.
The cost for reparation will need to be borne by one of 3 groups; the freeholders, the leaseholders or the government. The freeholders are likely to be slippery and if necessary will become insolvent washing their hands of the responsibility, the leaseholders will bear the cost through insurance premiums but the government will likely have to foot the 10's of £B's necessary to make the repairs.