ad

Cladding issue with block of apartments

K

khaled Giasin

New Member
Hi All,

I amd a first time buyer and found a beautiful flat in a 14 storey block of aparatments. nice view, spacious everything is great in it and it is being sold with a reduced price (now offered at £175K) because it had the cladding issue. The old cladding was all replaced two years ago with new and approved cladding which costs of £35K to £50K.

The problem is the costs of the cladding replacement is in dispute between the developer/leasehold owner and the flat owners. So worst case scenario is that either the flat owners or the developer/leasehold owner will have to pay this 35-50 thousand pounds costs for cladding replacement. The flat prices in that area are around £230K so it seems they are kind of accounting for the cladding repalcement costs in case it is charged to the flat owners.

My questions is would it be easy to get a mortgage and later remortgage the loan for such a flat or is it going to be a big headache and better to avoid all the situation. The price can be even reduced if a good offer is made to the seller.

any advice will be highly appreciated.

Best Regards
 
P

PostBrexitInvestor

Member
Personally, this is starting to sound like a major headache already! If you were to offer a rock bottom price such as £140,000 then maybe, just maybe, it would be a bit more attractive if they accepted. The problem is what if the initial cladding expenses of £35,000 up to £50,000 suddenly increased to £50,000 up to £65,000? From what you say, there does not seem to be any definitive ruling as such.
 
Top