Si1 Posted July 16, 2021 Share Posted July 16, 2021 Privately educated Esther McVague says govt should divert money for affordable housing, to pay for the cladding crisis: Express: Be bold and fix this cladding nightmare, says ESTHER McVEY. https://www.express.co.uk/comment/expresscomment/1462897/cladding-buildings-fixing-government-danger-hazard-fire Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 27, 2021 Share Posted July 27, 2021 Daily Mail: Cladding repair bill is same as £230k price of this Hertfordshire flat. https://www.dailymail.co.uk/property/article-9826249/Cladding-repair-bill-230k-price-Hertfordshire-flat.html But earlier: Quote Link to comment Share on other sites More sharing options...
simon2 Posted July 27, 2021 Share Posted July 27, 2021 Sounded familiar - Property Partner have 4 flats in that block - sadly I invested £100 in it. However, as with all cladding stories there is quite a lot of embellishment which never gets corrected. So if I'm not incorrect referrring to the update Property Partner have given (latest was 30 June), some of the repairs are covered under the Building Safety Bill but some are not so the managing agent has submitted an appeal, but the extent of the works have not been confirmed. Sophie has been peddling her story around for some months now. It very much reads as if she has gone off on her own to try and get some quotes from companies, and divided it by the whole block to get that figure. So £207k by no means is any official figure; but let's not facts get in the way of anything. Again you get all these people complaining about feeling unsafe, but 2 flats have sold in 2020, and it looks at least 10 Let agreed on RM.... strange how people don't mind inflicting it on someone else. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted July 27, 2021 Share Posted July 27, 2021 Can Landlords be sued if they let a property knowing there are fire risks and a fire then occursand injury or death to tenant. Housing associations sneekily selling their own flats knowing they have issues in tower hamlets. Solicitor's should spot this so they need to point this out or could be sued by tenant or buyer? Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted August 21, 2021 Share Posted August 21, 2021 Leaseholders take cladding fight to London’s ‘sky pool’ Leaseholders facing crippling bills to fix their homes will protest this weekend at London's Sky pool while Andy Burnham joins Manchester march https://www.bigissue.com/latest/leaseholders-take-cladding-fight-to-londons-sky-pool/ Quote Link to comment Share on other sites More sharing options...
coypondboy Posted August 22, 2021 Share Posted August 22, 2021 (edited) This block in our local area got funding but only for the cladding removal, the fire breaks need fixing which is not covered by the fund a the cost for a 1 bed is £27,000 and 2 bed £54,000 with one resident aged 92 who can not pay and so the freeholder will take legal action as no mortgage involved and she could become homeless due to the forfeiture of lease rules. BBC Newsnight reporter has been doing a few reports on this with the one on Thursday concentrating on the rip off that is a leaasehold flat. https://www.bbc.co.uk/news/uk-england-dorset-58286238 https://www.bbc.co.uk/iplayer/episode/m000yxwr/newsnight-19082021?page=1 from the 33rd minute Edited August 22, 2021 by coypondboy Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 22, 2021 Share Posted August 22, 2021 (edited) The propertyelegraph private sector everything Tory entrenched wealth profit rules telegraph newspaper is whingeing that the middle class children of the entitled telegraph reading Tory voting middle class entrenched property wealth owning Tory voting middle classes, are being ripped off by the cladding crisis. Private companies are making money off so many Jemimas. https://www.telegraph.co.uk/property/uk/everyone-just-looking-make-profit-people-taking-advantage-cladding/amp/ Think of the children. Edited August 22, 2021 by Si1 Quote Link to comment Share on other sites More sharing options...
Dorkins Posted August 22, 2021 Share Posted August 22, 2021 48 minutes ago, Si1 said: The propertyelegraph private sector everything Tory entrenched wealth profit rules telegraph newspaper is whingeing that the middle class children of the entitled telegraph reading Tory voting middle class entrenched property wealth owning Tory voting middle classes, are being ripped off by the cladding crisis. Private companies are making money off so many Jemimas. https://www.telegraph.co.uk/property/uk/everyone-just-looking-make-profit-people-taking-advantage-cladding/amp/ Think of the children. It is pretty funny that the people falling into the newbuild flat trap are generally young small c conservatives and once they're stuck they want daddy government to pay them out. On the way in they're all "I'm a brave self-starter pulling ahead of feckless people my age by making sacrifices and smart investment decisions" and when they want out it's "waaah, it's not fair, where's my compo?" Quote Link to comment Share on other sites More sharing options...
Si1 Posted August 22, 2021 Share Posted August 22, 2021 37 minutes ago, Dorkins said: It is pretty funny that the people falling into the newbuild flat trap are generally young small c conservatives and once they're stuck they want daddy government to pay them out. On the way in they're all "I'm a brave self-starter pulling ahead of feckless people my age by making sacrifices and smart investment decisions" and when they want out it's "waaah, it's not fair, where's my compo?" Zackly. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted August 27, 2021 Share Posted August 27, 2021 Interesting article as no one in the bottom rung can move so new starter homes sales collapsing but prices still rising as EWS1 continues to hit market as can is kicked down the road. Flat owners starting to get their bills to fix the problems not sure when litigation will start by freeholder if not paid the whole thing a big mess. https://www.property118.com/new-build-market-grinds-to-a-halt-as-ews1-argument-continues-to-rage/ Quote Link to comment Share on other sites More sharing options...
coypondboy Posted August 31, 2021 Share Posted August 31, 2021 The Bank of Mum & Dad has helped hundreds of thousands of FTB'ers to buy city centre flats will they bail them out now, think the governemnt and builders are hoping so, will have to cash in their ISA portfolios or tax free cash from pensions to help them and the government knows it but till affect the economy as money could have been spent on others things like a new car/holidays or house extensions. https://www.yorkshirepost.co.uk/lifestyle/homes-and-gardens/first-time-buyer-fears-huge-bill-for-missing-firebreaks-in-sheffield-apartment-block-3365248 Quote Link to comment Share on other sites More sharing options...
simon2 Posted September 1, 2021 Share Posted September 1, 2021 Old news really. I doubt that many parents have made such provision to bail their kids out. Heres one thing. The fire safety thing seems to affect many, many places. If I am travelling to a new city and see somewhere nice but also something like wooden balconies or cladding, I can google it. Guaranteed there will be some sob stories, always the similar variant of xxxxx saved hard for the flat, now its worthless. But despite a lot of noise being made, are there any forced sales of flats? You would think that if someone was facing ruinous costs but could bail out now at a small loss, why shouldn't they? Virtually all the listings I see for affected flats completely ignore the problem. Here is a typical example: https://www.rightmove.co.uk/properties/77204749#/?channel=RES_BUY Price was £200k new in 2003, and is back there now, but flats were at this level in 2016. The yield is pointless, assuming no service charges, no voids and no remediation costs. But if there was certainty on what bills would be faced I think it'd sell pretty easily, if the price was right. There is nothing stopping someone just reducing their price until it sells. But they don't. Which says to me that reality of the situation many of these people are facing is different from the over-emotional stories given to the press. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 1, 2021 Share Posted September 1, 2021 3 minutes ago, simon2 said: Old news really. I doubt that many parents have made such provision to bail their kids out. Heres one thing. The fire safety thing seems to affect many, many places. If I am travelling to a new city and see somewhere nice but also something like wooden balconies or cladding, I can google it. Guaranteed there will be some sob stories, always the similar variant of xxxxx saved hard for the flat, now its worthless. But despite a lot of noise being made, are there any forced sales of flats? You would think that if someone was facing ruinous costs but could bail out now at a small loss, why shouldn't they? Virtually all the listings I see for affected flats completely ignore the problem. Here is a typical example: https://www.rightmove.co.uk/properties/77204749#/?channel=RES_BUY Price was £200k new in 2003, and is back there now, but flats were at this level in 2016. The yield is pointless, assuming no service charges, no voids and no remediation costs. But if there was certainty on what bills would be faced I think it'd sell pretty easily, if the price was right. There is nothing stopping someone just reducing their price until it sells. But they don't. Which says to me that reality of the situation many of these people are facing is different from the over-emotional stories given to the press. My view basically is that they were expecting by right about 100k clear profit by now to drop on a nice family house on the burbs. And they're sad that this hasn't happened. Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 1, 2021 Share Posted September 1, 2021 2 hours ago, simon2 said: Old news really. I doubt that many parents have made such provision to bail their kids out. Heres one thing. The fire safety thing seems to affect many, many places. If I am travelling to a new city and see somewhere nice but also something like wooden balconies or cladding, I can google it. Guaranteed there will be some sob stories, always the similar variant of xxxxx saved hard for the flat, now its worthless. But despite a lot of noise being made, are there any forced sales of flats? You would think that if someone was facing ruinous costs but could bail out now at a small loss, why shouldn't they? Virtually all the listings I see for affected flats completely ignore the problem. Here is a typical example: https://www.rightmove.co.uk/properties/77204749#/?channel=RES_BUY Price was £200k new in 2003, and is back there now, but flats were at this level in 2016. The yield is pointless, assuming no service charges, no voids and no remediation costs. But if there was certainty on what bills would be faced I think it'd sell pretty easily, if the price was right. There is nothing stopping someone just reducing their price until it sells. But they don't. Which says to me that reality of the situation many of these people are facing is different from the over-emotional stories given to the press. Went by that on the train a few months back. What the fk were people thinking, buying tower blocks in Basingstoke. The town is long cored out of any employment. Just seems to be a high rise council estate. The sold prices is a sea of red. https://houseprices.io/?q=Alencon+Link%2C+Basingstoke Quote Link to comment Share on other sites More sharing options...
Insane Posted September 1, 2021 Share Posted September 1, 2021 3 hours ago, simon2 said: There is nothing stopping someone just reducing their price until it sells. But they don't. Which says to me that reality of the situation many of these people are facing is different from the over-emotional stories given to the press If you sell at a price that does not clear the mortgage the lender will stop the sale unless you can make up the difference to completely redeem the debt. For many the only way out is jingle mail the keys back to the lender letting them sort the mess, they will however chase you for any shortfall afterwards. Quote Link to comment Share on other sites More sharing options...
Insane Posted September 1, 2021 Share Posted September 1, 2021 52 minutes ago, spyguy said: Went by that on the train a few months back. What the fk were people thinking, buying tower blocks in Basingstoke. The town is long cored out of any employment. Just seems to be a high rise council estate. Yes This development was advertised heavily in the Evening Standard when it was first built. I remember thinking the prices were pushing it for Basingstoke. Then I passed it on the Train going down to Bournemouth thinking what will its future be ? We now know the answer. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 8, 2021 Share Posted September 8, 2021 (edited) This is quite ironic: https://www.bbc.com/news/uk-wales-58477966 'A constant worry' Ms Polverino has lived at Victoria Wharf in Cardiff Bay with her partner Guy Griffiths for 10 years. When they tried to move a couple of years ago they realised their seventh-floor, three-bedroom flat was "valueless". Edited September 8, 2021 by Si1 Quote Link to comment Share on other sites More sharing options...
simon2 Posted September 8, 2021 Share Posted September 8, 2021 The kind of vested interest is amusing. I wonder why they actually deem it news? It seems that these stories are re-hashed every couple of months, just interviewing someone else: https://www.google.com/search?q=victoria+wharf+cardiff+bay&sxsrf=AOaemvICwzNZkks54W3BJdOcFN5Nly9N9g:1631088628010&source=lnms&tbm=nws&sa=X&ved=2ahUKEwiH1pPS9u7yAhUYgFwKHW3OBbAQ_AUoA3oECAEQBQ&biw=1920&bih=937 That sort of pattern goes across lots of other developments. It presents nothing new. Looking at the sold prices it probably was not that it was unsellable pre-Grenfell, just not at a price they wanted. Not all of that was due to cladding, these flats being the very definition of 'new build premium'. The original prices in 2007 would have been a very bad buy although no doubt at the time they were visually very appealing. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 17, 2021 Share Posted September 17, 2021 https://www.mirror.co.uk/news/politics/protest-flat-owners-hit-cladding-25004743 " Julie Fraser, a leaseholder in Runcorn, Cheshire, bought her apartment five years ago as an investment for £75,000. The 58-year-old grandmother said: “I used a big chunk of cash that would have been for my retirement to buy it. “I have rheumatoid arthritis and I’m not able to work anymore so I needed something to invest in so that I would have an income.”" I really don't follow this. So you get an illness that prevents you from working and think "ding ding I'll become a landlord that'll solve things". Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted September 17, 2021 Share Posted September 17, 2021 (edited) 27 minutes ago, Si1 said: https://www.mirror.co.uk/news/politics/protest-flat-owners-hit-cladding-25004743 " Julie Fraser, a leaseholder in Runcorn, Cheshire, bought her apartment five years ago as an investment for £75,000. The 58-year-old grandmother said: “I used a big chunk of cash that would have been for my retirement to buy it. “I have rheumatoid arthritis and I’m not able to work anymore so I needed something to invest in so that I would have an income.”" I really don't follow this. So you get an illness that prevents you from working and think "ding ding I'll become a landlord that'll solve things". I understand it, she thought that it would be a safe no effort investment she could invest in. As she was 53 I am surprised that she hadn't already realized that owning property does need some work. Although I would guess some agency sold it to her like that. If I had 10 minutes I could even imagine the wording they used. Edited September 17, 2021 by iamnumerate Quote Link to comment Share on other sites More sharing options...
simon2 Posted September 17, 2021 Share Posted September 17, 2021 Interest rate 5 years ago was 0.25%, so virtually no return on that money. A £75k investment into that flat would have given £500 a month = £6k a year, before fees, voids and other expenses. Stand to be corrected but I think she would have gotten disability benefits which are not means tested. So this extra £500 (less fees) would be a fairly nice top-up. Is there much difference between her and those people protesting in China at the Evergrande offices? They invest in things paying 10% a year; paying that much ahead of the risk-free rate, even a kid knows there would be risks to that money, and plenty. Yet when it goes wrong they want their money back as it wasn't their fault. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted September 17, 2021 Share Posted September 17, 2021 1 minute ago, simon2 said: Interest rate 5 years ago was 0.25%, so virtually no return on that money. A £75k investment into that flat would have given £500 a month = £6k a year, before fees, voids and other expenses. Stand to be corrected but I think she would have gotten disability benefits which are not means tested. So this extra £500 (less fees) would be a fairly nice top-up. Is there much difference between her and those people protesting in China at the Evergrande offices? They invest in things paying 10% a year; paying that much ahead of the risk-free rate, even a kid knows there would be risks to that money, and plenty. Yet when it goes wrong they want their money back as it wasn't their fault. +1 Although I think she didn't realize that there were risks. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted September 23, 2021 Share Posted September 23, 2021 Leaseholders are beaming a doomsday clock onto a building to count down to financial ruin https://www.bigissue.com/news/housing/leaseholders-launch-doomsday-clock-to-count-down-to-their-financial-ruin-over-cladding/ Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted September 23, 2021 Share Posted September 23, 2021 On 27/07/2021 at 18:38, Si1 said: Daily Mail: Cladding repair bill is same as £230k price of this Hertfordshire flat. https://www.dailymail.co.uk/property/article-9826249/Cladding-repair-bill-230k-price-Hertfordshire-flat.html But earlier: Woah, I nearly considered buying a flat in that block a few years ago but wasn't interested after I had a viewing. Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 25, 2021 Share Posted September 25, 2021 On 23/09/2021 at 14:46, Saving For a Space Ship said: Leaseholders are beaming a doomsday clock onto a building to count down to financial ruin https://www.bigissue.com/news/housing/leaseholders-launch-doomsday-clock-to-count-down-to-their-financial-ruin-over-cladding/ They're only protesting against not getting a six figure profit from it. Bankruptcy laws are their friend. Quote Link to comment Share on other sites More sharing options...
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