I am a single FTB who recently had an offer accepted on beautiful 2-bed, second-floor flat overlooking a river in a major Scottish city.
The flat is gorgous - with beautiful views - and in a great location. Was genuinely chuffed to have the offer accepted (it was a 7-8% overbid, but I understand that is par for the course in the area). A provisional move-in date has been set for late May but the missives are not yet concluded.
Two things have come up during the legal process that are giving me pause.
- The flood risk report has come back with a "high" risk of river flooding due to proximity to the river. As I said, the flat is on the second floor but I understand that if the building were to flood the flat doesn't exist in isolation and the buildings insurance would probably rocket. The lender seems happy enough with the risk, and has signed off on it, but my concern is that an extreme weather event could seriously affect my ability to sell the flat on when the time comes. There is no history of flooding in the immediate area.
- The flat has a valid EWS1 form that was signed in late 2021 - category A2 ("There is an appropriate risk assessment of the attachments confirming that no remedial works are required.") This was included with the home report and I was happy with that when making the offer. However, I have now been informed that there is a scheduled inspection in early June (after the proposed move-in date) for a Single Building Asessment. Apparently this is some recent Scottish legislation that is an more comprehensive/stricter(?) version of an EWS1. I have been shown a letter that has been sent to owners and tenants informing them of the inspection (scheduled to take a week), and also detailing the developer's intention "to replace the cladding and carry out remediation work".
Something feels like it's not computing here - how can the EWS1 form claim no need for remediation but the developers seem dead set on doing works anyway?
I want to get a handle on exactly what my options are here and what precisely the risk is that I'd be taking on if I continue with the purchase.
Am I going to spend years in cladding hell, or might this be a relatively quick process that at least means the building is well looked after? Does the fact the EWS1 rating was A2 mean it likely that whatever works are required will be relatively minor?
What to do? Soldier on and take on the risk? Attempt to delay until more is known about the works? Cut and run?