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Should I buy an apartment in a block without knowing if it will pass the new fire safety regulations
coypondboy
Posts: 97 Forumite
I am looking to downsize to a flat but have delayed due to fire safety issues but now Mr Gove has said all ok he will get the builders to pay for any issues is it now safe to go ahead with the purchase.
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Comments
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If very very cheap (eg less than 5% of normal market price) yes, otherwise no.
I can foresee the future: An awful lot of builders will go bust... and pay nothing to fix the problems. The toad Govee knows this, his pronouncement was just window dressing. This government has done nothing during the years & years since Grenfell: Terrible for Grenfell victims and all owners of clad buildings.1 -
crikey you mean a 500k flat for 50k can't see that big a drop can you?0
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Your willingness to purchase will depend on 2 things.
Will you feel safe living there? (ground floor so easy exit in an emergency?)
And how soon might you want to sell it? Value of a property changes but if you plan on living there for the next 30 years then the safety issue may well have been resolved by the time you get to sell. Or your heirs - and who cares if they get anything for it as you'll be long gone.
Oh and of course - can you get insurance for it? (but again - maybe you don't care)I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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1. The legislation is proposed but not yet in place.
2. What is your view on the government’s record on fulfilling their promises?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.1 -
A big risk.coypondboy said:I am looking to downsize to a flat but have delayed due to fire safety issues but now Mr Gove has said all ok he will get the builders to pay for any issues is it now safe to go ahead with the purchase.
Can affect future value for example if you want to sell.0 -
Given the amount of trouble the PM is in at the moment there could easily be significant changes at the top of the Tory party in the near future that could result in proposed legislation being delayed, amended or abandoned. I'd wait until there's more certainty about what will happen.
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