Armageddon for flat owners - PAS 9980 even worse than EWS1 fiasco?!

rachel230

AdrianC said:

rachel230 said:

AdrianC said:

The consultation period ended four months ago.

What did you submit?

How do you know the poster submitted anything?
How do you know they were aware of the consultation prior to it ending?

Well done, you understood my point.

Lol 😆.  You always have to have the last, snide comment.
Every. Single. Time.

seven-day-weekend

So, every single  flat in England is, at this present moment, worthless?

Or is this scaremongering?

[Deleted User]

seven-day-weekend said:

So, every single  flat in England is, at this present moment, worthless?

Or is this scaremongering?

Unless it's already had the survey and work done, yes.

NameUnavailable

[Deleted User] said:

seven-day-weekend said:

So, every single  flat in England is, at this present moment, worthless?

Or is this scaremongering?

Unless it's already had the survey and work done, yes.

Not quite.

If the flat has cladding and hasn't yet had an EWS1 survey, or has had a survey and needs works then it's not going to be mortgageable.

This latest guidance relates to ALL flats regardless of construction and if it is accepted as the standard then mortgage co's aren't going to lend without seeing the results of the survey and where necessary the remedials works have been carried out (as with EWS1).

So yes, there is a very good risk that ALL flats will become worthless in terms of lenders security until they have had surveys/works done.

Crashy_Time

Interesting.

safvoxi

From the government press release:

"The PAS9980 will ensure that fire risk assessments are consistent, proportionate to risk and actions to manage risk are cost-effective, and the Consolidated Advice Note will be withdrawn.

For buildings under 18m which do require remediation, the government will introduce a financing scheme so that no leaseholder will have to pay more than £50 a month for the cost of replacing unsafe cladding."

https://www.gov.uk/government/news/major-intervention-from-government-and-lenders-to-support-leaseholders

Slithery

safvoxi said:

...the government will introduce a financing scheme so that no leaseholder will have to pay more than £50 a month for the cost of replacing unsafe cladding.

For how many decades?

safvoxi

@Slithery

I don't know. Government are vague and we all just have to wait until its published.

Also that £50 is just for cladding and not all the other fire safety measures required.... It's all a bit crap but it's pointless speculating on valuations etc.

I'm sure plenty of leaseholders reading this thread don't need to hear that their flats are worthless.

NameUnavailable

safvoxi said

@Slithery

I don't know. Government are vague and we all just have to wait until its published.

Also that £50 is just for cladding and not all the other fire safety measures required.... It's all a bit crap but it's pointless speculating on valuations etc.

I'm sure plenty of leaseholders reading this thread don't need to hear that their flats are worthless.

This isn't (just) about cladding. PAS9980 isn't about cladding. The article you mention was published months ago, the article I mentioned was last week so it appears things have developed somewhat, and not in a positive way.

The new requirements for fire risk assessments will potentially cause huge delays in terms of time and resources, let alone the costs involved and then the time/cost involved in carrying out remedial works and further assessments.

As with EWS1 lenders are likely to take a blanket approach and apply zero valuations unless they have the necessary piece of paper to say the building has passed inspection.

Leaseholders might not want to hear this but there's no point pretending it's not going to be a problem.

The final details are yet to be known but given the track record of EWS1 are you confident that nobody needs to worry and nobody needs to worry about it?

Gavin83

Even if this is relatively easy to sort and lenders don’t refuse to lend (both quite unlikely) it’s still likely to devalue flats significantly. Would anyone here choose to buy a flat knowing the next big issue is just waiting around the corner? Thought not.

There is nothing that would encourage me to buy a flat at the moment. I’d rather rent.