Grenfell report advice

Rmwilliams10

Hi all,

Hope this is the right place to post - I can't find a similar thread.

So my situation...

I own a flat in on a Taylor wimpey development that at the time, fully complied with fire regulations. In light of the tragidy of Grenfell and updated regulations, it now does not comply. The cladding in addition to the timber frame are the main issues.

Obviously our local council have acted upon these new regulations and started to make us aware (albeit the DAY after the council firework display that's approx 100m from the development!). It's worth mentioning, we have a property management service (scanlans).

Today the fire service have been around and closed the flats carparks (car parking spaces are located underneath the building which is on stilts). So we have parking war's right now.

What are my options here with regards to my ownership. Will I be able to remortgage? I'm guessing I can't sell? Who's going to pay for the remedial work to bring our homes in line with the new regulations? What should I be doing? Do I lose everything if the building can't be "made safe" (I don't know what you can do to fix a timber frame?!)

Obviously safety is the number 1 priority, I'm lucky enough to be able to live elsewhere. I understand others won't be as fortunate.

Thanks in advance.

davidmcn

Searching for "cladding" here and on the Mortgages board should get you some relevant hits, such as this thread:

https://forums.moneysavingexpert.com/discussion/6027409/cladding-of-a-combustible-nature

Doesn't sound like it's going to be mortgageable any time soon, though I expect you can renew your deal with your existing lender.

Lunchbox

We’re in a similar position, awaiting full reports to confirm development meets new standards although it was built to regs at the time a few years ago. In addition, they found some installation issues with the cladding so we now have 24 hour guards and an evacuation as opposed to a stay put policy.

Nobody has been able to sell or remortgage on our development since June. The freeholder won’t confirm who will have to pay for either the guards or any remedial works to the cladding.

Rmwilliams10

Thanks davidmcn, but that thread is a little different in that OP is coming from a prospective buyer point of view, for me it's almost too late - I own the property already �� additionally we know there are

@lunchbox this is such a worry. We have the 24hour guards too, though our management company have confirmed our annual service charge payment is paying for them (when the reserve runs out I don't know who will!). This must be happening up and down the country, I was a little surprised to not find a thread from someone in our position. I'm not staying there and paying a mortgage on a home that's now deemed not safe! Surely the financial burden cannot be put on private homeowners?

davidmcn

That thread has contributions from those who are already owners too.

The default position is that you're going to be paying, except to the extent that the government (or developers) decide to step in and bail you out. That's why buyers and lenders aren't touching them, as currently they're facing unknown and possibly vast costs for any necessary upgrades.

ethank

This really is an awful situation that you are all in and I feel for you. You really would never have known. I would check out the class action being taken by Leigh Day on behalf of residents at New Capital Quay. In their case NHBC paid out for part of the work.

Rmwilliams10

Thanks ethank, I'll take a look.