Market Spotlight:

How EWS1s are changing the mortgage application landscape

The London Belgravia Group is pleased to announce that we have created a panel of qualified surveyors to offer the EWS1 form for all our clients. All of our surveyors have the necessary credentials:

Fully qualified to carry out The External Wall Fire Review

Full Professional Indemnity Insurance in place

Accredited & Qualified Fire Engineers

RICS registered

Ability to complete the review within ten working days from engagement

EWS1 certification for developments where work has not started and for completed projects

EWS1 certificate will be valid for five years, and only one assessment is required for each building

The EWS1 form was designed following government advice regarding external wall systems on buildings above 18M and created to ensure that mortgage lenders would be comfortable that the cladding and external wall make -up was safe for occupiers and therefore safeguarding their funds and allow them to provide mortgages. Changes in Government advice in January 2020, bringing all buildings into scope, has meant that many residential buildings below 18m which have ‘specific concerns’, may now require an EWS1.

The External Wall Fire Review process requires a qualified professional to carry out a fire risk assessment on the buildings external wall system, before signing an EWS1 form, which is valid for the entire building (or single structure) for five years.

The lack of qualified professionals and difficulty within obtaining the professional indemnity insurance cover has caused a wide range of issues for new developments and existing developments when selling, refinancing or otherwise arranging any type of asset secured funding on applicable “in scope” developments.

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The Benefits of EWS1 Include:

Desktop technical review of project information

Completion of fire audit / site inspection

EWS1 signed certification

Provides comfort to lenders

EWS1’s are changing the landscape for mortgage applications

We expect more lenders to require a clear EWS1 form for all building above 18M, including those buildings under 18M now considered “in scope” by the RICS, UK Finance and the Building Societies Association. In addition, the expectation is that it is likely to extend to include all multi-storey and multi-occupancy buildings in time. To be able to support our clients, we are now able to assist in the procurement of EWS1 forms, and The External Wall Fire Review process. If you have a requirement or wish to speak with a member of our team, get in touch.

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London Belgravia Brokers Provide Risk Insurance And Finance Advisory Solutions To Global Property Developers, Investors And High Net Worth Individuals. Our Areas Of Specialism Include Latent Defects, Performance Bonds, Insurance Backed Guarantees, Developer Insolvency, And Loss Of Deposit Cover For The UK Property Market.
London Belgravia Brokers Ltd Is An Appointed Representative Of Ten Insurance Services Ltd, Which Is Authorised And Regulated By The Financial Conduct Authority

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