Check if your home has cladding and needs a specialist valuation
If you want to repay or remortgage your Help to Buy home, you may need a specialist valuation if your block of flats has certain types of external cladding.
Applies to England
What happens if you have external cladding on your property
If your property’s value is affected by certain ‘novel’ issues, for example external cladding, we reserve the right, in accordance with the terms of the equity loan, to agree to a specialist valuer you intend to use, with you, before you instruct them.
If your property is affected
For all properties affected by external cladding issues, we recommend that you contact our Customer Service team as soon as possible so we can advise you on next steps.
Help to Buy Customer Service team
Telephone: 0300 123 4123
If you wish to sell your property, there is a separate process if you have already found a buyer
The EWS1 form
If you’re a leaseholder in a block of flats, you may need to get a copy of the building’s ‘EWS1’ form (External Wall System) from its owners or developers, if you want to:
- repay your Help to Buy: Equity Loan
- remortgage your Help to Buy home
The EWS1 form shows if the building has any kind of external cladding that may be a fire risk.
If the form shows there is a risk
If the EWS1 form shows there is a fire risk or other similar issue, then:
- repair work may be needed
- the value of your home could be affected
You may need to have a specialist valuation made on your home as part of the equity loan repayment process.
If your block does not have an EWS1 form
If you’re not sure if your block has an EWS1 form, you should contact your building’s management company. It is their responsibility to obtain the form and carry out the necessary repair work.
You should also contact us as soon as possible to discuss your case.
How to get a specialist valuation
If you decide you want to go ahead with a valuation, you’ll have to hire a specialist valuer who is qualified as either:
- a Chartered Member of RICS (MRICS)
- a RICS Fellow (FRICS)
This is because homes that are affected by cladding are more difficult to value. The valuer will be able to confirm their qualifications to you.
Proceeding with the valuation
The valuer cannot proceed with the valuation until we have agreed to their appointment.
After you’ve found a valuer, you will need to see whether they are prepared to value your property for the purposes of the equity loan and consider the impact of the external cladding.
What the specialist valuer considers when reviewing your property
The valuer will consider any external cladding and their impacts on the market value of your property.
They will also consider:
- the estimated costs of any remediation works
- who is responsible for these
- whether any claim for the remediation works have been accepted
- whether the required funds are already available in the service charge sinking fund
- what a willing purchaser would be prepared to pay for the property currently, considering the existence of any external cladding and the stage of any remediation claim or works.
Costs of a specialist valuation
The valuation may be more expensive than a normal one, as it is more complicated.
If you want to sell your home you might not have to use a specialist valuer. Contact us to see if this is possible.
What you’ll need to book a specialist valuation
If you do want to go ahead with a specialist valuation, you’ll need to have these documents so they can work out the value:
- a copy of any completed EWS1 form (if available)
- a copy of your lease or mortgage
- a copy of the guidance notes to valuers
- an estimate from the developers or managing agent saying how much the repair work will cost
- evidence of the amount of service charge sinking fund (you can get this from your block’s managing agent)
- evidence that shows you have had a buildings insurance or building warranty claim accepted
- evidence showing that a government fund has agreed to pay for the repair works (such as the Building Safety Fund for a whole block) - again your managing agent should have this
- evidence that any third party (such as the original developer) has agreed to pay the repair costs
What happens next
If your valuer agrees to value your property, you will need to get them to sign a copy of the Guidance Notes to Valuers and return a copy to us.
After we receive this, we will contact the valuer directly to confirm whether they are able to agree to the appointment. We will let you know the outcome of that decision.
Last updated 16 June 2023 + show all updates
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Contact details updated
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Page has been updated to reflect the process of finding a specialist valuer including estimated costs'
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First published.