I have found the Flat Of My Dreams.It is in Cladding Remediation.Would you purchase it or not??

DullGreyGuy

Mustbeananswer?? said:

Flat owners will not have to pay to remove dangerous cladding from lower-height buildings under new government plans, BBC Newsnight understands.

It means leaseholders in buildings of between 11 and 18.5m will no longer be expected to take out personal loans to cover the cost of the work.

The important word there is "plans"... the government had planned to ship people of to Rwanda too but we've all seen how well that going.

Mustbeananswer?? said:
How can it be the flat owners responsibility??

Because that's how leasehold works... you did read the lease before you bought it to know what you have signed up for yes? 

If the above plan doesn't come through, or doesn't come through in time, then the freeholder may be obliged to fix the safety issue and as per any fixes the freeholder has to do, you as leaseholders have to reimburse them. Your lease will say how costs are shared between leaseholders

cymruchris

Let's say you bought your flat for the crazy knockdown price of £150k - whereas before cladding was an issue it would have been worth £200k - if it turns out that the flatowners (you) have to split the cost of the repair works, and it comes out at £50k per flat pro-rata based on size - and it's NOT covered by government schemes - are you in a position to be able to pay the £50k? (Of course on doing so, and the flat no longer having a cladding issue - would now no doubt be worth £200k again).

You really need to find out what the current position is with your own development - have they applied for funding? Do they even qualify for funding? What are the plans to remedy it - as it will have to be remedied one way or the other.

I believe the government building safety fund covers properties above 18m - and if you're 7 storeys tall, you should be above that just....

CSI_Yorkshire

Mustbeananswer?? said:

ThisIsWeird said:

How many floors in your building, MBAA?

Seven.....Im on the 1st Floor 

18.5 meters is six storeys IIRC, so you're not a "lower-height building".

GDB2222

CSI_Yorkshire said:

Mustbeananswer?? said:

ThisIsWeird said:

How many floors in your building, MBAA?

Seven.....Im on the 1st Floor 

18.5 meters is six storeys IIRC, so you're not a "lower-height building".

I assume that there's also help for block higher than 18.5m?

subjecttocontract

My Lettings Agents were asked to sell a flat a couple of years back that had cladding. The guy wanted £140K cash as, like you, it was not mortgagable due to the cladding. Those flats would normally sell at around £190K. I was was very tempted but I had to tell myself it might take a year or 2 or 5 or more to get sorted. I probably would struggle to find a buyer and I could be expected to contribute to the cladding replacement. It was to much of a gamble so I gave it a miss. I don't regret it. I feel sorry for the thousands of flat owners who are stuck in properties they are desperate to sell and cant.

eddddy

Mustbeananswer?? said:

How can it be the flat owners responsibility??

Mustbeananswer?? said:

Seven.....Im on the 1st Floor 

Hopefully, you realise that all repairs and maintenance to the 7 storey building are the flat owners' responsibility.

In a simple example, if there are 20 similar flats in a building, each flat owner usually pays 1/20th of the cost.

If the building is newish, it might not need too many repairs and maintenance (apart from the cladding).  But in time, things like the lift(s) will need refurbishing, the cctv system might need replacing, the roof might need repairing, the carpets in the communal corridors might need replacing - so you might start getting bigger bills.

Mustbeananswer??

Im sorry but I think there would be riots if the Government force flat owners to remedy a problem they were partly or wholly responsible for.The Flat Owners have already taken a hit on their properties falling in value due to them being unmortgageable??I don't feel exposed.I've paid my money and made my choice.Thanks for all the replies !! 

Section62

Mustbeananswer?? said:

Im sorry but I think there would be riots if the Government force flat owners to remedy a problem they were partly or wholly responsible for.The Flat Owners have already taken a hit on their properties falling in value due to them being unmortgageable??I don't feel exposed.I've paid my money and made my choice.Thanks for all the replies !! 

Flat owners in general aren't really the demographic predisposed to riot.

Flatowners in buildings with problematic cladding are in a relative minority, and plenty of people take the view that people with the money to buy one of these flats probably shouldn't be top of the queue to get public money to improve them.  Hence schemes which attempt to get cash from developers to fix the problem.

If sufficient private cash isn't forthcoming, I wouldn't bank on public funds being made available without some form of quid-pro-quo - for example a local charge which sees the public purse reimbursed when the private flat is sold.

As you say, you've paid your money and made your choice.  To believe that riots will break out if people who've made the same choice as you don't get bailed out with public money is rather optimistic I'd say.

eddddy

Mustbeananswer?? said:

Im sorry but I think there would be riots if the Government force flat owners to remedy a problem they were partly or wholly responsible for.The Flat Owners have already taken a hit on their properties falling in value due to them being unmortgageable??I don't feel exposed.I've paid my money and made my choice.Thanks for all the replies !! 

TBH, I think there's a strong case for excluding people in your situation from any government help with costs.

• Most flat owners bought their flats without knowing about the cladding issue - and paid "full price"

• You bought your flat knowing about the cladding issue - at a price that was heavily discounted to take account of the cladding issue

You shouldn't really expect to be paid twice for fixing the cladding issue. You got a discount on the price to cover the cost of cladding replacement, you shouldn't expect the government to pay you again for the cost of cladding replacement.

If anything, the government should give the money to the person who had to sell the flat to you at a discount. It's them who has suffered a financial loss, not you.

user1977

Mustbeananswer?? said:

Im sorry but I think there would be riots if the Government force flat owners to remedy a problem they were partly or wholly responsible for.

Just like all the riots we had between Grenfell happening and the government making that announcement?