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[Deleted User]

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MalMonroe

It could just be me but this sounds like a really horrific money pit. My instinct would be to walk away (nay, run - as fast as you can). The best and only advice I can offer is please do not throw your money away on this 'property'. I put the word in quotes because it doesn't even seem like any property anyone would want to invest in. And also some of the phrases you use such as "unusual conversion", "of course if I were to buy it with cash I may be left with a huge bill" and "a listed building so in normal circumstances needs more specialist lenders" sound alarm bells. Putting aside the fact that you are able to buy outright, it's always wise to find out whether lenders would actually be happy to invest in a place such as this. If not, then you really have your answer. But I think you know what to do without any other advice/info.

What happens if and when you come to a point where you want to resell? You stand to lose a lot. Your money was probably hard-earned. Just ask yourself whether you deserve to lose it all on such a gamble? I don't think you do.

[Deleted User]

Thanks. It has been bought and sold before with 2 mortgages (1 high street, 1 more specialist), so its not like it hasn't been lent on before at a value that is pretty much the same I am looking to get it at (and this is 3 years later and property growth in the area has been good). It does seem a temporary situation with the EWS1 form and I did also live in the property so know it is livable from a practial perspective...

Nonetheless, I am keen to get advice and sense check how large a remedial work bill could actually be and if anyone has had that

GDB2222

How does the seller know how much the work will cost? Has it been put out to tender? 

With so little information, I’m afraid nobody here has a chance of helping.  Do you at least have a link to the property?

[Deleted User]

I have been told 'no more than £19k', and the fire safety assessment was doen 1 year ago and the EWS1 assessment so I assume by now the new building management company (came in in August) has some quotes.. however they are not being very transparant and providing information up front 

GDB2222

So, what do you hope to get from this forum? We don’t know what quotes have been obtained, or whether the seller is lying. 

Clearly, you are in a strong negotiating position, as an all cash buyer, but We have no idea whether you are paying far too much, or getting a fantastic bargain, which seems to be your question. 

Adly812

first off, it’s a leasehold and you will embark on a lifetime of SC that continue to rise, without any justification. Management companies are notoriously difficult and uninformative. The building clearly needs an up to date ews1 despite being a cash buy. The remedial bill of the balconies at £19k is just the tip of the ice berg, when the properties insurance is due for renewal, it will no doubt hike up massively. If all leaseholders fail to pay for the remediation, will the work go ahead ? I’m sorry but IMO I would find another property. Cladding is not the only issue, wooden balconies, missing firebreaks, fire alarms etc are all involved and given it’s a listed building… I wouldn’t go near the property even if it was the last property for sale in the uk,

[Deleted User]

Thanks for feedback, knowing examples of other remedial bills and timelines for remediation works (ie can it be a year, 6 month, 3 years) and other implications (like the last post re properties insurance ) is very helpful to understand all the implications of the EWS1 situation

Adly812

How many other properties are their in the block ? Can all of the LH pay for their balconies remediation works ? A timescale would be dependant on if the management company could gather funds from every LH in order to instruct the work… I’m not sure if people could upfront pay £19k.. unless you go privately and fix your own, but that doesn’t change the SC hikes, fire safety issues with the rest of the building. The information is nebulous. How tall is the building?

[Deleted User]

The building is 16-storey high. There are about 70 flats. Not sure re all LH abivlity to pay for remediation works or how it would be split across them. The building management company is Crabtree. 

Adly812

Being over 18m there is government funding for cladding. But i know of many LHs that have yet to see the funding actually paid out, some have been excluded despite being eligible and the time frame is open ended for some. There have been LHs faced with £70 k bills and the property valued at £0. This screams trouble and horror, I would think very carefully before spending your hard earned cash on something so uncertain and risky. Stay away from a leasehold. Good luck!