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If you are the owner of a flat and have been trying to sell your flat on the open market recently, you’ll most likely be aware that the flat market is facing a crisis.
In response to the Grenfell Tower tragedy in 2017, the government has implemented strict guidance on the material and maintenance of cladding used on flats, to ensure that they are not combustible. Any cladding deemed unsafe must be removed, often at the expense of the leaseholders.
As a result, homebuyers are becoming increasingly reluctant to invest in flats in fear of safety or the cladding removal costs, and those who do want to are usually being denied mortgages from lenders.
It is believed more than 30,000 deals have already collapsed due to this issue.
In order to sell a flat, the government now require an External Wall System survey (EWS1) to be completed on the property. This survey is completed by a chartered fire engineer, and the resulting documentation is needed to prove to lenders and buyers that the building is free from dangerous cladding (or any other combustible materials) in the construction of the property.
The survey will provide a grade: A1, A2, A3, B1 or B2. A1 is the best outcome, confirming there are no combustible materials, and no work is necessary. B2 is the worst outcome, identifying that there is combustible material present and significant remedial work is required.
Unfortunately, there is currently a large backlog in these surveys being completed, and flat owners are waiting extended periods of time to get their completed EWS1. And even with a completed survey, buyers remain apprehensive about purchasing flats, particularly if they don’t achieve that top A1 grade.
Even other cash buying companies are currently saying no to flats with cladding.
At WeBuyAnyHome, we recognise how difficult this situation is, and we can help. We can purchase flats that have cladding.
If you have an EWS1 form completed, we will use the grade, and any itemised costs within it to make you as accurate an offer as possible. We can then purchase the flat in as little as 7 days.
If you have not had an EWS1 form completed, we can still purchase the apartment, however this would be at much less than the market value. Of course, should the EWS1 form be completed in the meantime, we would increase our offer to reflect the grading.
Whether you have completed an EWS1 survey or not, we will have to take into account the forecasted costs of cladding removal, and the risks associated with us buying the apartment when we calculate our offer.
So, whilst we can provide flat sellers with a way out, the offer may be much less than market value, and that is why we are happy to offer a profit share agreement.
This means that when we come to sell the flat on ourselves, if we achieve a higher amount than we expected, we’ll give you a share of the proceeds.
So you can move on with your lives now, whilst being certain that you got the best possible value that we were able to give.
If you would like to sell your property with WeBuyAnyHome, just pop your details into the form below.
Each stage of the flat selling process is highlighted below to give you an overview of how simple and fast our service is. You could have the cash in your account in as little as seven days.
If you don’t want to pay any unnecessary fees when you sell your flat, get in contact with us today. As well as offering a no-fee solution to selling your property, the advantages of selling with us are…
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Absolutely Amazing! These guys have been brilliant from start to finish, made our transition to our dream home possible. After we had potential buyers retract their offer on our house for sale several times We Buy Any Home were able to make our dream come true and we were able to secure our perfect house knowing we had a secure offer for our previous property. Cannot recommend them enough.
Brilliant service. I needed to sell my dads house to pay for care home fees and this company was brilliant from start to finish. No hassle and completion was really quick. I would thoroughly recommend them and have already told friends who need to sell quickly about my experience.
I shopped around a lot before finally settling on We Buy Any Home. I felt most comfortable with them after speaking to multiple cash-buying companies. You hear horror stories about similar companies but I can confirm that this company really was fantastic. I knew I was ready to take a slight loss on the property, in exchange for a quick sale and no hassle. They offered a great, hassle free service and I have no regrets in my decision to choose this company over others.