Leasehold flat - failed fire safety risk assessment- what am I on the hook for?

Emmia

ReadySteadyPop said:

Emmia said:

ReadySteadyPop said:

Can you sell the property, get away from the stress?

Who will take it on with the issues outlined and no timescale for remediation? Selling with liability for the share of ongoing costs of the 24hr waking watch is likely to mean the OP has to take a big haircut on the selling price... 

I'd also imagine mortgage-ability would be affected.

Might be worth it to get away from the situation? You can`t have people trapped never able to sell or move, what are the government doing about this?

The OP might end up selling it for less than the outstanding mortgage, so not only would the OP not have a flat, they'd also still owe the bank lots of money... Of course once the works are done, the value would rebound - but the OP won't benefit if they've already sold at a chunky loss.

It's a classic negative equity situation, the OP shouldn't sell unless they really have to.

As for what the government is doing, they require the waking watches for obvious safety reasons after Grenfell. 

ReadySteadyPop

Emmia said:

ReadySteadyPop said:

Emmia said:

ReadySteadyPop said:

Can you sell the property, get away from the stress?

Who will take it on with the issues outlined and no timescale for remediation? Selling with liability for the share of ongoing costs of the 24hr waking watch is likely to mean the OP has to take a big haircut on the selling price... 

I'd also imagine mortgage-ability would be affected.

Might be worth it to get away from the situation? You can`t have people trapped never able to sell or move, what are the government doing about this?

The OP might end up selling it for less than the outstanding mortgage, so not only would the OP not have a flat, they'd also still owe the bank lots of money... Of course once the works are done, the value would rebound - but the OP won't benefit if they've already sold at a chunky loss.

It's a classic negative equity situation, the OP shouldn't sell unless they really have to.

As for what the government is doing, they require the waking watches for obvious safety reasons after Grenfell. 

Fair point.

MSE_ForumTeam5

We've combined the two threads under the title of the second one

ReadySteadyPop

Emmia said:

ReadySteadyPop said:

Emmia said:

ReadySteadyPop said:

Can you sell the property, get away from the stress?

Who will take it on with the issues outlined and no timescale for remediation? Selling with liability for the share of ongoing costs of the 24hr waking watch is likely to mean the OP has to take a big haircut on the selling price... 

I'd also imagine mortgage-ability would be affected.

Might be worth it to get away from the situation? You can`t have people trapped never able to sell or move, what are the government doing about this?

The OP might end up selling it for less than the outstanding mortgage, so not only would the OP not have a flat, they'd also still owe the bank lots of money... Of course once the works are done, the value would rebound - but the OP won't benefit if they've already sold at a chunky loss.

It's a classic negative equity situation, the OP shouldn't sell unless they really have to.

As for what the government is doing, they require the waking watches for obvious safety reasons after Grenfell. 

Not necessarily, there may be an issue in the future that causes another downgrade/increase in costs to leaseholders, potential buyers will be aware of this, by definition many of these flats are now going to generate a future loss.