Banks will start to lend on flats with cladding issues next month would you buy one?

coypondboy

Looking to downsize for retirement purposes and buy a leasehold flat but put off by the cladding crisis as how do you know you are getting the right price for it?

MattMattMattUK

coypondboy said:

Looking to downsize for retirement purposes and buy a leasehold flat but put off by the cladding crisis as how do you know you are getting the right price for it?

You do not. They may start to lend, but who would want to buy with what could essentially be an open ended cost if/when the removal finally takes place. This is designed to help those living in impacted properties remortgage, I suspect it will have little to no impact on the buying and selling of those properties with unresolved issues. 

snowqueen555

I viewed a few places in the summer with cladding and they were priced less than others. The estate agents kept saying that people will lend on them, but every time I've seen one being STC  they usually go back on the market as cash buyers only.

I'd never entertain getting them now.

silvercar

There will be some flats where the builder has agreed to pay the costs of repairs, but the repairs haven't yet happened. So the only risk there is if the builder goes bankrupt and whether you can live with scaffolding and mess for many months.

There are other places where funding will rest with the leaseholders or arguments over funding will occur for many years. I wouldn't go near these.

london21

Personally, I wouldn't 

Cant be stress with change in regulations etc.