Mortgages on NR1 block now available again after apartments confirmed as fire safe
PUBLISHED: 09:18 19 February 2018
One of the first apartments in the NR1 complex on Norwich riverside has now sold with buyers able to get a mortgage following confirmation that the building is fire proof.
Following the Grenfell fire last June, some mortgage lenders were not willing to lend on apartments in blocks with cladding until investigative reports had taken place ensuring they were safe. Apartments were bought and sold - but often only if the buyer did not need a mortgage.
Meanwhile, in compliance with government guidelines, the cladding at NR1 was tested and some interim precautionary measures put in place after which the building was declared compliant with current fire safety legislation.
Extra measures included fire safety work such as enhancing seals around fire doors, pipes and cables as well as installing heat detectors and an automatic dialling system - which would alert the fire service in the event of a fire - fitted in the undercroft car park.
Developers Taylor Wimpey confirmed last October to residents that: ”The conclusion of all these works means that all additional measures identified by fire safety experts including Norfolk Fire and Rescue Service, have now been put in place and the development is fully compliant with the government’s guidance on interim safety measures for tall buildings with aluminium composite material cladding.”
Kate Mamo-Lewis, who runs Attik Property Services, saw one of her sales of an apartment in Gavin Bank, NR1, fall through last year but on another apartment, last month, the property completed with the original buyer who was prepared to wait until after the investigation.
Kate said: “We were actually selling two apartments in the block at the time, one of which fell through because the buyer withdrew their offer as was not prepared to wait for investigations. Luckily for our other vendor, the other purchaser was prepared to wait. After long and tedious months of sales chasing and going back and forth with the management company (NRM) and the mortgage adviser, we are pleased to say that we exchanged on the property.”
Attik still has a two bedroom apartment for sale in Gavin Bank, for £190,000. “What we’ve found from talking to potentially interested buyers registered with ourselves is that they were not aware that the situation is now resolved and that you can now purchase the properties with a mortgage.”
Jonathan Kemp from Mortgage Advice Bureau, who worked with Attik on the issue, said: “I helped Kate and the client arrange the finance on the property, and through dealing with lenders’ contacts and in particular the surveyor, we managed to find all the answers to the questions on the risks.
“It’s always a pleasure to help someone buy their first home, with access to 11000 mortgage products we had a good scope to find that right lender.”
The vendor of the apartment who had the sale fall through, said: “We decided to put things off until the new year and start again with Kate from Attik, she was great through the first sale and she hasn’t given up on us yet. I’m sure we’ll have another buyer soon.”
You can contact Attik Property Services on 01362 694800 www.attikpropertyservices.co.uk