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What will happen if you have cladding is you will receive a B2. This is bad. The genie is out of the bottle. You will not get a mortgage at all until all the remediation work is complete and that will be long and expensive.
My advice is do not push for an EWS1 until the Govt releases updated guidance on which buildings fall in and out of scope. If you're able to work with the lender/valuer to provide as much information as is possible right now without the EWS1. This would be things like; building designs, material specs, latest FRA, etc..
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Indeed. It was originally intended to be for buildings over 18m only, but it's ultimately at the discretion of the lender.
I'm on the RTM board of our building, which has just had a B2 EWS1 so in effect no one can sell or remortgage until it's resolved. Timescales for that are, realistically, 12 months even on a fairly hopeful view. It's all an absolute shit show, and the government are stuck because they have no real process to fix the problem but nor can they just say "everyone ignore the risks and let's pretend Grenfell never happened"
BTW it's not only cladding that's the problem; our building has polystyrene insulation under render on two walls and that's what's knackered us
Zumerzet
Well, shit. I don't know what will happen if ours fails.