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Bloo Loo

Btl, Its Dead Easy When You Buy A Newbuild

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http://www.gazette-news.co.uk/news/11267825.Insurers_launch_probe_after_flagship_Hythe_apartment_branded__uninhabitable_/?ref=var_0

Residents say about a dozen flats in one block, on the development, overlooking the River Colne, are affected.

Insurers are checking the rest of the development for issues.

Mrs Lund bought the seventh floor, three-bedroom apartment, which features a balcony with two large rooftop patios, for about £200,000 shortly after it was built by Weston Homes in 2008.

Mrs Lund, who lives with her husband and three children in Saudi Arabia, rented it to wealthy students during the academic year and used it as a base when she returned to the UK every summer to spend time with family and friends.

Within a year, tenants reported water pouring into the flat from the ceiling.

Repairs were carried out by Weston Homes but she said problems continued.

In November 2012, further problems with leaks, cracked plaster, poor fixings, faulty electrics and a bad smell led Mrs Lund to make a claim against Weston Homes’ insurers Zurich UK.

Remedial work was carried out early last year but it did not fix the problems.

After repeated requests they paid another site visit this March.

However, Mrs Lund has heard nothing since and says she is missing out on £1,300 a month in rent and is paying electricity, council tax, ground rent and service charge bills for a property no-one can live in.

Edited by Bloo Loo

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I want more stories like this! Shock and awe!

Well, maybe when I retire and no longer need the income, I might be able help. :+)

However , I currently still have a mortgage to pay. :+)

I never worked for the above Co.by the way , just for the record.

D :+)

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I was handed this link by a colleague who has a ground floor flat on this development.

There are several blocks here, and my colleague has had issues with his flat too, ground floor mind.

There are other issues too...very limited parking, smells from the river and the nearby sewage works.

otherwise, they seemed reasonably nice flats....

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While I have no sympathy for the investor, a FTB who bought the place would have exactly the same problems. Also no fun for those living below.

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While I have no sympathy for the investor, a FTB who bought the place would have exactly the same problems. Also no fun for those living below.

correct - I am not sure why all the hatred? If she'd let it run into disrepair and then rented it out anyway, by being a leech, I would understand, but surely ANYONE buying would have been in the position of disaster? Assuming she didn't lie on the credit application, or pack 6 familes in......some sympathy for her playing the game set by TPTB?

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correct - I am not sure why all the hatred? If she'd let it run into disrepair and then rented it out anyway, by being a leech, I would understand, but surely ANYONE buying would have been in the position of disaster? Assuming she didn't lie on the credit application, or pack 6 familes in......some sympathy for her playing the game set by TPTB?

What hatred...the point was, people are buying newbuilds en mass for BTL as they have little or no maintenance.

My point is the quality of todays stock can be quite horrible...and builders are not required to compete on price or quality what with government handouts for OOs and tax breaks and unrestricted lending for BTL.

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correct - I am not sure why all the hatred? If she'd let it run into disrepair and then rented it out anyway, by being a leech, I would understand, but surely ANYONE buying would have been in the position of disaster? Assuming she didn't lie on the credit application, or pack 6 familes in......some sympathy for her playing the game set by TPTB?

I don't have hatred towards BTL'er. Some are damn right greedy but many are just looking for yield, like any investor. It's not my fault if most work out the yield incorrectly and are buying into an investment which looks overpriced and ready for a fall!

Edited by renting til I die

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http://www.gazette-news.co.uk/news/11267825.Insurers_launch_probe_after_flagship_Hythe_apartment_branded__uninhabitable_/?ref=var_0

Residents say about a dozen flats in one block, on the development, overlooking the River Colne, are affected.

Insurers are checking the rest of the development for issues.

Mrs Lund bought the seventh floor, three-bedroom apartment, which features a balcony with two large rooftop patios, for about £200,000 shortly after it was built by Weston Homes in 2008.

Mrs Lund, who lives with her husband and three children in Saudi Arabia, rented it to wealthy students during the academic year and used it as a base when she returned to the UK every summer to spend time with family and friends.

Within a year, tenants reported water pouring into the flat from the ceiling.

Repairs were carried out by Weston Homes but she said problems continued.

In November 2012, further problems with leaks, cracked plaster, poor fixings, faulty electrics and a bad smell led Mrs Lund to make a claim against Weston Homes’ insurers Zurich UK.

Remedial work was carried out early last year but it did not fix the problems.

After repeated requests they paid another site visit this March.

However, Mrs Lund has heard nothing since and says she is missing out on £1,300 a month in rent and is paying electricity, council tax, ground rent and service charge bills for a property no-one can live in.

she paid £200K and let it out for £1300 per month and lives abroad - no tax to pay on the rental income then (good return if so)

why pay electricity on a flat no-one can live in - meter reading 0, council tax would also be 0

I don't hate BTLers individually but I do feel that many of them are chasing the maximum income with a complete disregard for those who want home - I despise them (BTLers that is) is a better word and feel zero sympathy if it all goes pear-shaped.

Edited by olliegog

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