Updated EWS1 guidance from RICS ignored @ MQ!
Many residents at MQ are currently not able to remortgage or sell their apartments due to MQ only having a B2 rating for EWS1. Residents reasonably expected the updated RICs guidance issued on 8th March 2021 on the treatment of vertical stacked balconies would mean that, at least, this component of the proposed works at MQ could be avoided. However, in a meeting with residents on 9th March 2021, Randell & Rittner and the Chair of MQ A-G, Stephen Lang, clearly outlined that the recently updated guidance from RICs will be ignored at MQ. Stephen Lang outlined his proposal to increase service charges next year by £2000 per apartment with a balcony and £1000 for the c43 apartment without a balcony. Further funds may be collected in subsequent years – with no details given what this could be. Leaseholders can expect as a minimum to pay c£4,500 to replace wooden decking on their balconies
What is the RICS guidance?
The RICS guidance issued on 8th March clearly states balconies will now only be in scope of EWS1 if the following criteria are met:
“balconies which stack vertically above each other and either both the balustrades and decking are constructed with combustible materials (e.g. timber) or the decking is constructed with combustible materials and the balconies are directly linked by combustible material”
At MQ there is simply no evidence that any vertical stacked balconies fit this criteria and therefore require remediation work.
Who benefits from the work going ahead?
Given there is now clear guidance from EWS1 that balconies of the type installed at MQ are outside the scope of this process, it’s reasonable to ask why this work is proceeding? The explanation offered at the Open meeting held on 9th March from R&R and Chair of MQ A-G is: MQ already had an EWS1 assessment of B2 done last year, irrespective of the new guidance they will continue ahead with their proposed works on the balconies. The aim is to combine this with the overall cladding remediation work, which MQ A-G & R&R are in the process of applying for government funding. In the honest opinion of this author, this is simply an irresponsible use of leaseholders funds – it leads us to ask ourselves who really benefits from this work being done? – how much in admin fees is Rendall & Rittner going to get from the process? How much in consultancy fees & admin fees are going to be paid to all the contractors employed to complete the works?
What would you do with £4,500?
With the pandemic leaving many homeowners furloughed and in lockdown, £4,500 is not a small amount of money to find and keep spare for work that as per the current RICs guidance is not necessary or required here. So what could residents use the £4,500 to do instead? Here’s some ideas:
– Live: £4,500 is approximately 2months of the average Londoners take home pay – this would fund a good couple of months of just surviving
– Pay your Mortgage: Average London Mortgage repayments are approximately £1,280 as of 2018, so we estimate this £4,500 could pay your mortgage for around 3 months
– Look after family: Average child care costs are around £180 per week for inner London, so £4,500 could fund around 6 months of caring for your children.
If you have any further ideas about how you could better use £4,500 please write to independentmqra@gmail.com – and we’ll update and add to our list 🙂 and remember to subscribe to imqra.com to get further updates.
Note: this article is the honest opinion of the author and based on available known facts at the time of writing.