Information for homeowners who live in our purpose-built blocks
Remortgaging, staircasing or selling your home if you live in a purpose-built block
Following the tragic fire at Grenfell Tower in 2017, the government changed its building safety guidelines by issuing a series of advice notes. These advice notes are intended to give building owners clear guidance about how to make sure their properties are constructed and maintained safely.
In recent months, mortgage lenders and valuers have begun asking people who apply for mortgages on properties in purpose-built blocks to provide independent certification that the property meets the requirements of Advice Note 14. Unfortunately, in the short-term at least, building owners can’t provide this certification.
This does not mean that affected buildings are unsafe. It is not a legal requirement for a building to meet the conditions of Advice Note 14. However, lenders may still take the view that if independent certification cannot be provided to demonstrate compliance, they won’t offer a mortgage.
Unfortunately, this means that in many cases it may not be possible for affected leaseholders to remortgage, staircase or sell their homes.
This is a nationwide issue which is now affecting thousands of leaseholders. We know this includes L&Q leaseholders, and we’re sorry for any upset and frustration that this is causing.
We want to do everything we can to support leaseholders whose mortgage application or sales process has been disrupted as a result of the approach that lenders are taking.
Along with our colleagues at the G15, a group of the largest housing associations in London, we will be calling on the new government to step in. We will ask them to offer clear guidance for building owners and mortgage lenders on the proportionate implementation of their building safety advice notes.
L&Q is an early adopter of the government’s building safety proposals and has committed £250 million to implementing the recommendations from Dame Judith Hackitt’s review of building safety. The safety of our residents is our utmost priority.
We would like to reassure our residents that all L&Q’s purpose-built blocks:
We hope that we will get the clarification that we need from the new government in the coming months. Our hope is that this will reassure residents, allow mortgage lenders to relax their stance, and give building owners a reasonable timeframe in which to resolve any outstanding issues.
If you have questions regarding the safety of your building, please contact us.
If you are concerned that your ability to remortgage, staircase or sell your home might be affected by these changes, please seek advice directly from your lender or mortgage broker.