Buying flat with tiber cladding

Katyshould1

Hi

I am just starting to look at the my first flat in London. I was recommended one 10 year old 2 bed flat with timber cladding on it in north London.But it is much cheaper( 80k-100k cheaper )than the new built around it.

Should I buy the new one with HTB or I just buy the old one without the HTB London scheme? What do you think the future of the timber cladding flat? Any comments will be appreciated!

Thank you.:beer:
Katy

AnotherJoe

Dont. Even.Think.About.A.Flat.With.Timber :eek: Cladding.


In any case odds are REALLY high you wont get a mortgage on it, the reason its cheaper is because it will be cash buyers only who can afford to pay the ££££ to rectify living in a deathtrap.

ethank

If it is a flat then normally the timber cladding will be the responsibility of the freeholder and not yourself for which the block will pay a service charge. Make sure you ask about what material actually is. A lot of buildings don't use Timber now, it will be a composite material. Personally, I hate timber cladding or render - its a personal choice.

Katyshould1

Thank you Ethank. The timber in the flat is cedar wood after checking with the agency. I hope it is a good investment in a long run. I noticed there are lots of new developments down there. If I go for the HTB new flat, is that a good investment ? Since the new one price is 100k higher than the timber one... I was suggested the mortgage of the timber flat should be fine since it is not a high block. How about the future remortgage? Maybe in the future the banks won’t lend money for any cladding flat... any comments will be appreciated.

xylophone

Buying flat with tiber cladding

Wet,wet,wet?:)

https://forums.moneysavingexpert.com/discussion/5720168/mortgage-declined-on-new-ish-build-due-to-timber-cladding

Have you checked with your proposed mortgagee?

AnotherJoe

Katyshould1 wrote: »

Thank you Ethank. The timber in the flat is cedar wood after checking with the agency. I hope it is a good investment in a long run. I noticed there are lots of new developments down there. If I go for the HTB new flat, is that a good investment ?
How would you expect anyone here to know?
Since the new one price is 100k higher than the timber one... I was suggested the mortgage of the timber flat should be fine since it is not a high block. How about the future remortgage? Maybe in the future the banks won’t lend money for any cladding flat... any comments will be appreciated.

They are pretty much going that way now, a poster here recently was refused because of stone cladding. Seems they saw the "cladding" word and panicked.

Fire_Fox

Katyshould1 wrote: »

I am just starting to look at the my first flat in London. I was recommended one 10 year old 2 bed flat with timber cladding on it in north London.But it is much cheaper( 80k-100k cheaper )than the new built around it.

Should I buy the new one with HTB or I just buy the old one without the HTB London scheme? What do you think the future of the timber cladding flat? Any comments will be appreciated!

The timber in the flat is cedar wood after checking with the agency. I hope it is a good investment in a long run. I noticed there are lots of new developments down there. If I go for the HTB new flat, is that a good investment ? Since the new one price is 100k higher than the timber one... I was suggested the mortgage of the timber flat should be fine since it is not a high block. How about the future remortgage? Maybe in the future the banks won’t lend money for any cladding flat... any comments will be appreciated.

Do not "hope it is a good investment", research research research. Do not "just buy" anything until you have completed that thorough research. If buy actually means "submit an offer" say that, do not fall for estate agent spin-doctoring and alternative facts.

This flat "was recommended" by whom? Someone knowledgeable and independent, or by an estate agent? What do you mean by "not a high block", actual height or monetary value?

Compare to blocks that have costly 'listed' external features to maintain, and to blocks with other types of cladding that need replacing. Understand the consultation/ major works process. I recommend that ALL those considering buying a leasehold flat read as much of the LEASE website as possible.

Ask the freeholder (via your solicitor or the present leaseholder) for a summary of the most recent inspection report on the condition of the cedar cladding. Ask how much money is currently in the 'sinking fund' (like a savings account for the block).

Consider all the implications of inspecting, maintaining and replacing the cedar cladding. How the building is managed and by whom is highly relevant. Ditto who the average leaseholder is: absentee leaseholders/ landlords or those using a property as a 'stepping stone' may be more interested in low service charges than preventing future problems.

Does the freeholder need a cherry picker or scaffolding to access the cedar cladding? How easily will the local council give consent for this? If it disrupts traffic, pedestrians or public transport, some city councils can be quite obstructive. Ours expects all sorts to be completed at night or weekends.

How much is inspecting, maintaining and overhauling the cedar cladding likely to cost per flat over the next few years? How will you personally budget and save for this? Leaseholders are covenanted to contribute to repairs and maintenance, but collecting from non-payers can be costly and time-consuming. This can delay repairs and maintenance works.

What if you need to sell the flat at a time when the cedar cladding is in disrepair, or during the consultation process for major overhaul or replacement? This can hugely reduce the value of the flat, or make a property impossible to mortgage.

HTH.

Katyshould1

thank you so much Firefox! !

Lunchbox

The current cladding situation is extremely complex. It doesn’t just come down to the cladding material, but the way it’s been installed, the insulation underneath, the fire stops etc.

I live in a 4 year old building with solid aluminium cladding. Nobody has been able to sell or remortgage any of the flats in the development for over a year, since the government extended cladding investigations to types different to those used at Grenfell. This testing has now been undertaken and a fault was found with our installation, and we are now having to pay for 24 hour fire marshals and installation of a central alarm system.

Not timber cladding, but these flats had timber balconies; https://www.bbc.co.uk/news/uk-england-london-48574044

I wouldn’t touch flats with any form of cladding until the government testing/building regs situation has been resolved.

Katyshould1

Thank you lunchbox, we may decide to go to the new development in North London via helptobuy. Maybe it is a better option? Any thinking regarding the new developments of Taylor Wimpey? Love you all for the post!