For Existing Homeowners

Information for homeowners considering remortgaging, selling or staircasing – June 2020

In recent months, mortgage lenders and valuers have asked people who apply for mortgages in certain properties to provide independent certification that the property meets the requirements of the government’s building safety guidance. Until this certification (provided via an EWS1 Form) can be provided, some lenders have decided not to provide mortgages, which is therefore impacting some residents’ ability to remortgage, sell or staircase.

Unfortunately, building owners across the country, including MTVH, are experiencing delays in conducting the inspections that are required in order to produce the certification. This is due to several factors, including the number of buildings that require inspections and the availability of suitably qualified independent assessors. Furthermore, the EWS1 form was intended for assessing residential blocks over 18 metres in height, however, mortgage companies are now requesting this information for buildings below this height, which is both increasing the number of buildings affected and the delays in conducting inspections.

Where MTVH is the freeholder of a building, we take a risk based approach based on criteria we gather from our records and surveys to allow us to determine the risk level. With a portfolio of over 4,000 residential blocks this is significant undertaking. As blocks are approved for inclusion in the intrusive survey programme we will inform residents in the blocks concerned. 

Where MTVH is not the freeholder of a building, we are contacting the freeholder or their agent to request they carry out the inspections.

This is a nationwide issue affecting leaseholders. However, some MTVH leaseholders are affected and we are sorry for the frustration and concern that this will be causing you.

It is important to note that if there are delays or issues with providing the certification requested, this does not automatically mean that a building is unsafe. However, lenders may not make a mortgage offer if independent certification cannot be provided.

Where defects relating to fire safety are identified, it is unlikely that the independent certification (provided by an EWS1 form) will be able to be obtained until the completion of necessary remedial works. If significant defects are present, it is likely it will take an extended period of time to complete the remediation works. MTVH is developing a programme of intrusive surveys based on risk and it will take many years to complete all these surveys. If blocks are defective, this is turn will result in further delays to remediate and issue an EWS1 form.

This is a major issue affecting buildings across the country. We are continuing to make representations to the government for action to support residents affected by these issues.  

Due to the delays some residents have been experiencing, you may wish to consider whether to proceed with the sale, remortgage or staircasing process at this time.

Any costs you incur in relation to the sale cannot be reimbursed by MTVH should the transaction be delayed or not proceed in the future. However, any administration charges issued by MTVH, will be refunded if transactions cannot proceed due to this issue.

If you have any questions about this and how it may affect you, please contact us via the relevant email address listed below:

For remortgaging enquiries, please email: homeownership@metropolitan.org.uk

For selling enquiries, please email: resales@soresi.co.uk

For staircasing enquiries, please email: aftersales@soresi.co.uk

We understand that this information will be concerning. MTVH is committed to supporting residents experiencing difficulties and we will continue to provide updates on the situation, including specific updates to those residents living in affected buildings.

 

Looking to buy more shares?

Once you’ve settled into your SO Resi home, you might want to own more of it. That’s easy. You just stay in your home and buy a bigger share of it. It’s really flexible, so you can step up in time with your budget and your life. Why is a bigger share a good thing? Owning more of your home can be a satisfying feeling – and so can working towards owning 100% of it. 

Ready to take the next step? Give us a call on 020 8607 0550 to talk through your requirements or you can read more about how it works here. Alternatively, you can contact us at aftersales@soresi.co.uk

 *video content correct at time of publishing 25/03/2019

Looking to buy more shares?

What is SO Resi Plus?

If you choose buy more shares with SO Resi Plus, you have all the benefits of the traditional way of owning more equity in your shared ownership home with much more flexibility. 

• No solicitor’s fees
• No valuation fees

So how does it work?

SO Resi Plus gives you the option of buying an extra 1% of your home each year at a price that is set from day one, even if property prices go up.


• In the first year it will cost 1% of your home’s full value
• Then the amount you pay will go up by 3% a year

We’ll get in touch each year to confirm the price and ask whether you want to go ahead. SO Resi Plus lasts for 15 years, so you can buy up to an extra 15% of your home this way.

Got a question?

No problem. We’ve answered some of the most commonly asked questions about buying a bigger share here. Want to talk it through? Just give us a call on 020 8607 0550.

 

*video content correct at time of publishing 25/03/2019

SO Resi Plus

Time to sell?

If you've decided its time to sell, just let us know and we’ll start working to find a buyer for you. We understand that there’s a lot to think about when you’re selling your SO Resi home. That is why we’re here to help with all your questions. Our experienced team will help you sell your SO Resi home as quickly and smoothly as possible. Call our SO Resi Resales team on 0208 607 0550 to talk through the next steps of selling your home. 

Time to sell

Repaying your equity loan

Homeowners who currently have an equity loan with Metropolitan Thames Valley Housing (formerly Thames Valley Housing), can find information about how to repay their loan here: Thames Valley Housing and Metropolitan Housing Trust. Alternatively, you can just give us a call on 020 8607 0550 for help with repaying your equity loan.

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Repaying your equity loan

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