Zero valued flat north greenwich Bessemer place

hi123

Hi we have been after a flat in.the area,had an.offer accepted ,searches sent for fees paid
Bank valuation has come.last week with zero value due to perceived cladding issue
BellWay have sent an email informing that they are conducting new testing and issue may take months
Anyone else in.same boat?
Have been told 3 flats in.same area have been zero valued this week
Should we just take a hit on expenditure and move on ? Will.have to.change area as EA says all flats in the area are facing similar issues
Regards

sal_III

There are 2 separate developers in that area, the stuff North-NW from John Harrison way is Knight Dragon, the stuff to the South-SE is Greenwich Millennium Village (GMV).

Can't comment on the KD buildings they are mostly cladded, but the GMV has no cladding with few decorative exceptions and you can get a mortgage for them for sure.

Cakeguts

Any particular reason why you want to buy an overpriced new flat built in this area rather than any other flat in a better area?

hi123

Travel,commute and budget are reasons though am.having serious thought about change
Suggestions would be welcome for 30 min commute to canary wharf and bank budget 500k 2 bed 2 bath

asm89

If you aren't averse to new builds.Check out the Royal Wharf or Royal Albert Wharf developments in the docklands

muhandis

Hi OP, quite a few recent threads on this matter where lenders are demanding a letter from the developers/managing co. that the building meets all current (ie post Greenfell) regulations with regard to cladding. Needless to say, devs and managing cos are very unlikely to give such a representation unless they've got a lot of experts to certify the same, and so on, quite a vicious circle.

In your place, I would take a hit on the expenses until now, walk away and look for a flat with no cladding or one where the EA confirms in writing that the developers will give the assurances required for a mortgage with regard to cladding.

EAs are known to not not know much about anything, so take whatever they say about the cladding with a large spoon of salt.

westernpromise

hi123 wrote: »

Travel,commute and budget are reasons though am.having serious thought about change
Suggestions would be welcome for 30 min commute to canary wharf and bank budget 500k 2 bed 2 bath

https://www.zoopla.co.uk/travel-time/

Gives "about 1,247" results for your criteria (although it doesn't allow you to filter on number of bathrooms).
https://www.zoopla.co.uk/for-sale/property/station/tube/canary-wharf/?beds_min=2&duration=1800&price_max=500000&q=Canary%20Wharf%20Station%2C%20London&results_sort=newest_listings&search_source=travel-time&transport_type=public_transport