Looking to buy a flat but worried about the new building safety regulations coming in this year.

coypondboy

I have been following the new building safety bill which will become law by June/July and wondered if it was sensible to buy a flat at the moment or wait until the building has passed as may end up liable to a large bill via section 20 or big increase in servcie charge.  IF the building fails the survey will it affect the value i.e if I buy now would it fall in value?

MalMonroe

Well, buildings have got to be safe, whichever way you look at it so I'd say it doesn't really matter whether you buy now or later. If you buy later though, at least you'll know what's to be done, etc.

propertyhunter

What is your current living situation? Have you found a place you love already and want to offer?
I ask these questions because if there is no harm in delaying your search, then do so, because the flat market isn't exactly on fire like it is for houses.

Having said that, how important is timing? You'll always be up against the issue of things being discovered after you purchase, even after the safety bill has been enacted, right? So the trick is to get an experience conveyancer/solicitor involved to go through the fire safety aspects in minute detail so you're as covered as you can be. Your best bet is at least purchasing a place which has not had issues to date, and even has passed the EWS1 criteria with flying colours. I wouldn't touch anything that has failed the current regs, because as far as I can gather, the new regs are even more encompassing. 

Michael Gove has made claims that leaseholders won't play for cladding remediation - but that doesn't necessarily cover other safety defects such as cavity barriers (as far as I can remember). Go into any purchase as well informed as you can be. 

[Deleted User]

Just avoid flats with cladding, not easy but possible. 

One flat I looked at had scaffolding, I asked the estate agent who said they were removing cladding but said don't worry, it doesn't cover your flat......... just half the block.

HotPantsCruiser

coypondboy said:

I have been following the new building safety bill which will become law by June/July and wondered if it was sensible to buy a flat at the moment or wait until the building has passed as may end up liable to a large bill via section 20 or big increase in servcie charge.  IF the building fails the survey will it affect the value i.e if I buy now would it fall in value?

Almost a certainty that it would lose value in that scenario?

firstbuyer

[Deleted User] said:

Just avoid flats with cladding, not easy but possible. 

One flat I looked at had scaffolding, I asked the estate agent who said they were removing cladding but said don't worry, it doesn't cover your flat......... just half the block.

It's not just cladding though, cavity defects, incorrect materials used for balconies, incorrect fire doors fitted.

coypondboy said:

I have been following the new building safety bill which will become law by June/July and wondered if it was sensible to buy a flat at the moment or wait until the building has passed as may end up liable to a large bill via section 20 or big increase in servcie charge.  IF the building fails the survey will it affect the value i.e if I buy now would it fall in value?

There are so so many factors here.

Has it had an EWS1 already and what was the rating?
How many stories is it?
When was it built?
Who is the freeholder?
Has the freeholder/builder agreed to pay for remediation costs if there is any? (Taylor Wimpey has for some)



We have just sold our flat, B2 rating, taylor wimpey paying for all defects. Could still only sell to a cash buyer, cash buyers almost always want a discount. Others have sold but it is pot luck whose buyer is able to get a mortgage.

In retrospective would I ever buy a flat, or leasehold again? No. If it was my only option, I'd rent.

[Deleted User]

I decided not to buy anything built after 1999. Assuming the build quality would be better. 

propertyhunter

Agree - the surveyor of the 1950s house which I am in the process of buying said the build quality was better than today's modern standards, electrics and heating aside (which is understandable).

HotPantsCruiser

firstbuyer said:

[Deleted User] said:

Just avoid flats with cladding, not easy but possible. 

One flat I looked at had scaffolding, I asked the estate agent who said they were removing cladding but said don't worry, it doesn't cover your flat......... just half the block.

It's not just cladding though, cavity defects, incorrect materials used for balconies, incorrect fire doors fitted.

coypondboy said:

I have been following the new building safety bill which will become law by June/July and wondered if it was sensible to buy a flat at the moment or wait until the building has passed as may end up liable to a large bill via section 20 or big increase in servcie charge.  IF the building fails the survey will it affect the value i.e if I buy now would it fall in value?

There are so so many factors here.

Has it had an EWS1 already and what was the rating?
How many stories is it?
When was it built?
Who is the freeholder?
Has the freeholder/builder agreed to pay for remediation costs if there is any? (Taylor Wimpey has for some)



We have just sold our flat, B2 rating, taylor wimpey paying for all defects. Could still only sell to a cash buyer, cash buyers almost always want a discount. Others have sold but it is pot luck whose buyer is able to get a mortgage.

In retrospective would I ever buy a flat, or leasehold again? No. If it was my only option, I'd rent.

Interesting, renting is so much less hassle than what you described.

coypondboy

Will rent for a couple of years until blocks have had survey's done and no problems will be interesting to see how many pass the new PAS9980 and if new flats built with peppercorn rents and 999 leases will be built to the new standards.  I live in the BCP area and more and more blocks are failing surveys so a big problem for anything built in last 20 yrs.

HotPantsCruiser

Yes, it seems to be a right old mess at the moment.