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

silvercar

To some extent the fall in value due to the cladding issue won't go away soon. Once the cladding is sorted and the flats become mortgageable there will be quite a few owners selling up. Those that would have sold in the last few years but were prevented from doing so because the drop in value meant they couldn't get what they needed to achieve (ie clear mortgage and possibly HTB or have enough equity for their next move). So there will be more sellers than in normal times and that will deflate the price, only those who can afford to drop the price will sell quickly. 

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As an aside I do find it odd that ground floor flats often aren't charged maintenance costs for a lift, those who don't have parking spaces aren't charged for parking area maintenance, yet "Grenfell" fire issues are charged to the whole building. A friend lived in a ground floor flat and the only issue with the block were wooden balcony construction, but her flat had to pay their share even though they had no balcony.

user1977

I would also be concerned about other changes coming out of fire safety concerns for high rises - what if there are demands for retrofitted e.g. communal alarm systems, sprinklers, etc? Think we've had previous threads here about high costs even for upgraded fire doors.

MultiFuelBurner

Out of the half a million people initially affected by the cladding issue. A percentage of which are now fixed

How many do you think would be bothered to riot?

We aren't France, when was the last riot that only affected half a million people or lower?

Alderbank

silvercar said:

As an aside I do find it odd that ground floor flats often aren't charged maintenance costs for a lift, those who don't have parking spaces aren't charged for parking area maintenance, yet "Grenfell" fire issues are charged to the whole building. 

I find it odd that you find that odd!

The cladding issues are that a fire in a lower storey will quickly spread upwards through the cladding structure, placing all residents in flats above where the fire starts at high risk.

There might be a case for exempting top floor flats on the grounds that whatever cladding they have doesn't affect safety of other flats. But generally speaking a fire started anywhere in a block with unsafe cladding could spread to engulf the whole building impacting the safety and investment of every resident.

NameUnavailable

Mustbeananswer?? said:

Cash Purchase at a ridiculous low price.The hysteria regarding what happened at Greenfell seems to have abated. I dont feel at risk at all as Im first floor ..well away from any danger ???Cash Purchase as not mortgageable !!

Have you completed or just offered/accepted at this stage?

I think 'new' leaseholders aren't eligible for government assistance with remediation costs (someone correct me if that's wrong).

Another hot topic is ground rent. What is the ground rent currently and when and how does it increase?

sevenhills

user1977 said:

I would also be concerned about other changes coming out of fire safety concerns for high rises - what if there are demands for retrofitted e.g. communal alarm systems, sprinklers, etc? Think we've had previous threads here about high costs even for upgraded fire doors.

Wasn't that the problem with cladding, that there needed to be other safety measures in place? So a break between floors, fire doors etc. so the cladding could stay?

Alderbank

sevenhills said:

user1977 said:

I would also be concerned about other changes coming out of fire safety concerns for high rises - what if there are demands for retrofitted e.g. communal alarm systems, sprinklers, etc? Think we've had previous threads here about high costs even for upgraded fire doors.

Wasn't that the problem with cladding, that there needed to be other safety measures in place? So a break between floors, fire doors etc. so the cladding could stay?

No.
Unsafe cladding introduces a new hazard, external spread of fire across the exterior faces of the building.
All high rise buildings, including the majority which don't have any cladding at all, need interior fire controls such as fire stopping between floors, fire doors, protected escape routes, etc.

Mustbeananswer??

Opening Poster again.

I'm 65...havent ever taken any help from anyone except family...and only then very sparingly.When I was 8 I was delivering Groceries on a bike like in Open All Hours.I have never needed the benefit system.I've had a lucky break probably at someone elses expense...this will probably be my last home....I havent bought it to make money.

MultiFuelBurner

Mustbeananswer?? said:

Opening Poster again.

I'm 65...havent ever taken any help from anyone except family...and only then very sparingly.When I was 8 I was delivering Groceries on a bike like in Open All Hours.I have never needed the benefit system.I've had a lucky break probably at someone elses expense...this will probably be my last home....I havent bought it to make money.

But have you bought it with enough spare cash hanging about to pay for potential share of cladding issues and rising ground rents etc etc etc?

Not making money is fine but reducing your savings to nothing is another thing all together hence why posters were trying to help you with the pitfuls.

If you answer the questions it may give you peace of mind.

Anyway good luck hopefully all is fine 

theoretica

I hope it works out for you.  But it being unmortgageable means that you are taking a risk that mortgage companies aren't prepared to.