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

RedFraggle

Ok, so you don't own yet. You need to work out whether the value of the lease means you will or will not be liable using the calculation in the legislation.
Also be aware that an S20 can happen at any time.
I bought a flat in December, no outstanding S20, no major works planned. I still received an S20 for roof repairs in May. 

Mustbeananswer??

eddddy said:

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"

I havent bought it yet.....and have the option of pulling out.The Message is from Yesterday.I believe my Solicitor is trying to protect me.....which is a positive.I still want to buy if its safe tho ??

Mustbeananswer??

RedFraggle said:

Ok, so you don't own yet. You need to work out whether the value of the lease means you will or will not be liable using the calculation in the legislation.
Also be aware that an S20 can happen at any time.
I bought a flat in December, no outstanding S20, no major works planned. I still received an S20 for roof repairs in May. 

Thanks Red....I will check it out using the calculator you provided.Every Leaseholder runs the risk of a S20 at any time so there are millions of us.But this one could be huge...even more than the price of the flat...thats what concerns me??Other residents insist they have nothing to pay...but maaybe because I joined the party later I may be.....this is my concern !!Ive tried with the calculator but fell down when it asked if the Mangement Company were responsible for the repairs....it is virtually impossible to get any straight answers from the Management Company so I opted for dont know....which of course led me to there is a chance I may be responsible.My Point is ....as it is Government Funded there are no costs to be reconciled anyway ???Hence the other Residents havent had to pay ??

Mstty

Your first post stated

Cash Purchase at a ridiculous low price

So as it was a ridiculously low price it is probably best to wait for your solicitor to detail the amount you may be liable for upon purchase.

I presume you had put away a substantial amount for ongoing repairs of the building for the future anyway.

Mustbeananswer??

Not neccesarily mssty...I wonder what percentage of Leaseholders put away money for potential repairs to their property in the future ...and why are you trying to seperate Leaseholders from Freeholders.If you are a Freeholder maybe could I ask you the same question??Have you set any money aside for the POTENTIAL ongoing repairs to youre home.Yours was a bit of a cheeky question tbh.

But I agree its best to leave it to the Solicitors ....however I am enjoying some of the intrigue this is all bringing up ??I like Intrigue ....Cheer up Bud !!!

Mstty

Mustbeananswer?? said:

Not neccesarily mssty...I wonder what percentage of Leaseholders put away money for potential repairs to their property in the future ...and why are you trying to seperate Leaseholders from Freeholders.If you are a Freeholder maybe could I ask you the same question??Have you set any money aside for the POTENTIAL ongoing repairs to youre home.Yours was a bit of a cheeky question tbh.

But I agree its best to leave it to the Solicitors ....however I am enjoying some of the intrigue this is all bringing up ??I like Intrigue ....Cheer up Bud !!!

Indeed as a freeholder we have a pot for house repairs. On our most recent purchase we didn't extend ourselves so we had a pot of "what if" money.

So far the what if money has paid for

"Water leaks in 2 our if the 4 wet rooms"
"leaking Chimney and the damage to the ceiling in the bedrooms"
"Heat pump repair"
"New outbuilding roof.as it started leaking"
 
So far we have used about £3k of our what if fund but have topped it back up by £1k.

I will also advocate having a what if fund and never stretch to the absolute max as things go wrong and there are always maintenance bills.

As you have said in this thread this is your last purchase. Presumably you have done all the sums of income v expenditure and included rises in the amounts payable each month and "what if" issues under section 20's.

Otherwise this cash purchase at a ridiculously low price may become your worse nightmare.

Mustbeananswer??

I dont want to veer off the subject too much Mssty.What I am seeking is support for what my susceptibility to what could be an enormous bill for the removal of the cladding... a one off event.I am doing this before I agree to the sale so I am being prudent.I am nicely covered cash wise and dont see that changing.I am one of the 5% of the over 60s who still enjoy work and shortly will be drawing a healthy State Pension and Occupational Pension along with a wage from a job I thoroughly enjoy.I am conscious it may not last forever...but by then I will have considerable savings as I like Bargains...which is where this thread started.

Please dont worry about me mssty......back on topic please..... 

Mstty

That was firmly on topic to be honest affordability with the impending S20 is key to you being able to proceed with the purchase.

So our of interest what amount for cladding replacement in the S20 would put you off proceeding? 

Mustbeananswer??

Mstty said:

That was firmly on topic to be honest affordability with the impending S20 is key to you being able to proceed with the purchase.

So our of interest what amount for cladding replacement in the S20 would put you off proceeding? 

Im only interested in zero ....like all the other occupants....

NameUnavailable

You can't do anything further until the solicitors have the management pack which will include details of any Section 20 notices issued or intending to be issued.

The vendors would only be selling for a crazy low price if that was to take into account the money they'd otherwise have to spend to be able to sell after the work has been done, or they might just be totally desperate to leave and willing to take a big hit - you need to find out which it is!