Leasehold flat owners could see billions wiped off the value of their properties, should they find they own one of the properties affected by ACM and other unsafe materials, according to new research from StripeHomes.
A recent poll undertaken by Countrywide Surveying Services has highlighted that only 1% of industry professionals have total faith in the government to resolve the cladding issue within the next two years.
Simplified External Wall System (EWS) guidance to help leaseholders sell flats in blocks with external cladding has been issued by the Royal Institution of Chartered Surveyors’ (RICS).
Price growth and transactions for flats are lagging behind the wider market in the wake of the Grenfell disaster and the continuing cladding scandal - a sign perhaps that our love of the flat has hit a rocky patch.
Housing Minister, Robert Jenrick, has announced this afternoon that the government will provide extra funding towards the cost of removing unsafe cladding on buildings over 18m tall.
Conservative MPs have piled pressure on the government to act swiftly to stop flat owners being forced to pay vast sums for the removal of flammable cladding, a situation one called “a living nightmare” for many leaseholders.
Flat owners who have struggled to sell their homes because of fire safety risks, despite not having any cladding on their building, could soon be able to find buyers after surveyors proposed changes to how the properties are valued.
Over two years on, the shockwaves of the Grenfell Tower disaster are being felt throughout the residential property industry, as legal expert, Tim Middleton explains.
Banks and building societies say they weren't consulted on EWS1 form exemption announcement made over weekend by government.
That's despite the majority of such homes being safe. Government insists that anyone living in an apartment block more than 18 metres (59 feet) high must get a fire safety form before they sell. Keeba Critchlow (below) is unable to sell her one-bedroom flat as a result of red tape introduced in the wake of the Grenfell Tower fire.
Flat owners in Manchester block say they face bankruptcy unless government steps in
Leaseholders facing huge bills are told cash does not cover work started before 11 March
Some 600,000 leaseholders within towers fitted with unsafe cladding will soon be able to sell their homes now that their freeholders can apply for government funding to complete the work.
Ministers have revealed an industry initiative to help leaseholders and mortgage lenders access information on building safety and help thousands of people stuck in homes they have been unable to sell since Grenfell.
The owners of tall buildings face pressure to continue removing dangerous cladding, despite coronavirus, after a new fire test showed how quickly flames can spread.
The Chancellor should ensure any government-backed fund to make all UK housing blocks safe following the Grenfell tragedy tackles the issue of rendered insulation as well as cladding.
Owners of apartments wrapped in dangerous cladding urge PM to release billions in funding
The government has “named and shamed” five building owners who have not fixed dangerous cladding on their properties, describing their behaviour as “egregious”.
Mounting confusion about cladding has forced many to rent – or live in unsaleable homes
Government will next month start naming those responsible for buildings where works have not yet begun
Opt in here