Selling Your High-Rise Property? Here's What You Need to Know About Building Safety Regulations 🏡

With the introduction of the Building Safety Regulations in 2022 under the Building Safety Act, selling a high-rise property can feel complicated. We're here to help you navigate these changes and maximise the potential of your sale.

These building regulations aim to improve safety standards across both new and existing buildings, with a particular focus on high-rise residential properties. This includes enhanced fire safety protocols and cladding assessments to ensure properties are safe for both residents and buyers alike.

However, since the regulations were implemented, sellers have encountered new challenges, particularly in preparing a property for sale.

How this may impact the sale of your property:

• Selling timeline: Buyers and lenders will need proof that your building meets safety standards, which can sometimes extend the selling process.
• Buyer confidence: Buyers may be more cautious, especially around safety documents like the EWS1 form for cladding, however having these in order helps build buyer trust.

Don’t worry. There are steps we can take to speed up the process:

• Ensure compliance: Get up to date safety documents (eg. fire risk assessment, EWS1 form, etc.) early in the selling process to avoid delays.
• Be open about building status: Buyers appreciate transparency, and being upfront about your building’s safety can help build their confidence, leading to smoother negotiations.
• Work with a skilled agent and solicitor: A knowledgeable estate agent can bridge the communication with building managers, freeholders, and buyers to resolve questions efficiently, and a proactive solicitor will request these documents early in the process.

Can buyers get a mortgage? Yes! As long as documentation is in place.

• Mortgage Eligibility: Buyers can obtain a mortgage on properties in multi-occupancy buildings if the required safety documents are in place. The EWS1 form, specifically, is often required by lenders to confirm that external wall systems are safe.
• Alternative Documentation: While an EWS1 form is preferred, some lenders may accept alternative documents, like a Letter of Comfort or Deed of Guarantee from the freeholder, depending on the building's risk assessment. However, acceptance of these alternatives varies by lender.

Selling a high-rise doesn’t have to be stressful. Rest assured, demand for high-rise properties in prime locations remains strong. By taking these proactive steps from the start, you'll be well-positioned to attract the right buyer for your home. 

We’ll get your property ready, and will guide you through the entire process, managing any complexities along the way.