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

propertyhunter

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.

I'm probably not the only one responding to this thread thinking that you may possibly have bought something without due consideration, but praying for your sake that it all works out in the end. I don't think anyone here begrudges you for getting a flat at a 'good' price, we just really want it not to be too good to be true. 

eddddy

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.

I think you've misunderstood what you've bought.

• You bought a flat at a cheap price - because it needs a lot of money spent to put it right.

• It's a bit like buying a car that's been in a bad crash - it's cheap because it needs a lot of money spent to put it right.

But you might be lucky - the government might pay some/all of your bill for you.



(That's the reason it was unmortgageable - because it needs a lot of money spent to put it right.)

Mustbeananswer??

Update....This might be useful for anyone in the same situation.The cladding is now being removed ....I visited the property at the weekend.I have taken the following from the BBC NEWS website for those who were concerned about me having to pay for the Cladding Removal of my new purchase.Its fairly conclusive I reckon.... You won't be liable to cover any non-cladding safety costs if your property is worth less than £175,000 (or less than £325,000 in London)...........Thanks Rishi Sunak !!!

RedFraggle

Low value lease

18. You are protected in law from paying any amount to remediate a historical building safety defect if both of the following criteria are met:

  a. you are a qualifying leaseholder, and

  b. the value of your lease on 14 February 2022 was

    i. less than £325,000, if the property is in Greater London or

    ii. less than £175,000, if the property is elsewhere in England

19. The value of the lease will be calculated using the formula set out in Schedule 2 of the Building Safety (Leaseholder Protections) (England) Regulations 2022. This is based on the price at which your property was last sold on the open market before 14 February 2022, updated in accordance with the national House Price Index, produced by the Office for National Statistics. For more information on this formula, see Leaseholder contribution caps. For help with applying the formula, visit Check building safety costs.

RedFraggle

The valuation won't take into account the impact of the last 18 months on the value of the flat.

Mustbeananswer??

RedFraggle said: The valuation won't take into account the impact of the last 18 months on the value of the flat. Hi RedFraggle...Thank you for the links and being most helpful.Here is the sale record for the property in question....does it make any difference please ?? 

Since 1995 there has been 1 sale recorded with the most recent being in October 2013 for £67,000.

Date	Amount	Change
October 2013	£67,000

Mustbeananswer??

I understand my Solicitor has issued one of the parties with a Section 20 notice.Could anyone put in Laymans Terms what she is trying to acheive please ?? 

eddddy

Mustbeananswer?? said:

I understand my Solicitor has issued one of the parties with a Section 20 notice.Could anyone put in Laymans Terms what she is trying to acheive please ?? 

I assume you mean a notice under Section 20 of the Landlord and Tenant Act 1985.

Your solicitor wouldn't issue a Section 20 notice. It would be the freeholder of the building (or the management company) who issues a Section 20 notice to leaseholders.


In simple terms, a Section 20 Notice warns leaseholders that there will be major work done to the building, and they will have to pay for that major work, and it gives the leaseholders the opportunity to comment / object, etc.


Has a Section 20 Notice been issued to you?

Mustbeananswer??

eddddy said:

Mustbeananswer?? said:

I understand my Solicitor has issued one of the parties with a Section 20 notice.Could anyone put in Laymans Terms what she is trying to acheive please ?? 

I assume you mean a notice under Section 20 of the Landlord and Tenant Act 1985.

Your solicitor wouldn't issue a Section 20 notice. It would be the freeholder of the building (or the management company) who issues a Section 20 notice to leaseholders.


In simple terms, a Section 20 Notice warns leaseholders that there will be major work done to the building, and they will have to pay for that major work, and it gives the leaseholders the opportunity to comment / object, etc.


Has a Section 20 Notice been issued to you?

My Solicitor is on holiday......this is part of her message.....

We await the management pack from the other management company

I can’t tell you if a section 20 notice has been served. 

I am way out of my depth here.However the property is exactly what my Partner and I were seeking and reasonably priced.All im trying  to do is secure the property without being encumbered by any removal of cladding charges.Previous messages in the thread suggest I wouldn't be liable.

Obviously Iam not the Leaseholder yet....and have the option of not being so......if you get what I mean.Completion is set for a fortnight!!

It is becoming clearer....but could you continue helping please ??

eddddy

Mustbeananswer?? said:

My Solicitor is on holiday......this is part of her message.....

We await the management pack from the other management company

I can’t tell you if a section 20 notice has been served. 

It is becoming clearer....but could you continue helping please ??

First you need to clarify...

• Have you already bought the flat, or are you currently in the process of buying the flat?

• When did you get this message from the solicitor? Is it an old message you received while you were buying the flat?

• If you have already bought the flat, why are you discussing things with your solicitor now?

Obviously, I don't know who "the other management company" is. But a "management company" would fill in a form called a "management pack", and the form would include questions equivalent to:

• Is any major work planned for the building?
• Have you served section 20 notices to tell the leaseholders about the major work?

So it's possible that the "management pack" says the equivalent of "Yes, we have served section 20 notices to leaseholders" - which means a big bill could be coming up.

Or it's possible that the "management pack" says the equivalent of "No, we haven't served section 20 notices to the leaseholders"