Lloyds Banking Group has updated its cladding policy and will no longer require an EWS1 form to progress applications for properties in England that are in buildings five storeys or higher.
The move follows the publication of the latest guidance from RICS and the Building Safety Act 2022 covering the funding to remediate cladding on these properties.
As a result of the Building Safety Act 2022 the route to funding for remediating these properties is locked in legislation meaning the majority of leaseholders (in England & 5 storey+) are protected from cladding remediation costs.
To support this RICS have published revised guidance for surveyors and valuers to use when assessing the value for lending purposes on these buildings.
The UKF Lender Handbook that conveyancers follow has also been updated to include the need for information (leaseholder and landlord certificates) to be collected from the sellers’ conveyancer in order to support the purchaser making an informed decision.
Jas Singh, CEO, consumer lending, Lloyds Banking Group, said: “We have worked closely with housebuilders and RICS to find a solution for homeowners, so we warmly welcome the updated guidance for valuers on homes with external cladding.
“While we have continued to lend on properties with cladding where possible, this move will really simplify things for those buying homes in properties five storeys or above (11m).
“We hope this will continue to open up the market for those in affected properties, bringing peace of mind to homeowners.”
