Connect with us

Current

I’m can’t sell my flat due to cladding issues, will Gove’s proposals help me?

Voice Of EU

Published

on

I’m stuck in my leasehold flat due to cladding issues in the block. I can’t sell due to the prospect of a bill for remediation works, which include ‘unsafe cladding, flammable balconies and missing cavity barriers’. 

Will Michael Gove‘s new proposals help me? LB

Leaseholders face fire safety bills of hundreds of thousands of pounds following the cladding scandal (pictured: Cladding victim and campaigner Sophie Bichener)

Leaseholders face fire safety bills of hundreds of thousands of pounds following the cladding scandal (pictured: Cladding victim and campaigner Sophie Bichener)

MailOnline Property expert Myra Butterworth replies: Cladding issues have made life a misery for leaseholders across the country.

Many are facing the real prospect of bankruptcy due to fire safety repair bills that can run into hundreds of thousands of pounds per flat.

The issue is that the owners are unable to sell the properties until the buildings are proved to be safe, leaving those who would like to move them stuck in their homes and also seeing monthly bills rise, as they are potentially unable to remortgage. 

Leaseholders have cautiously welcomed the housing secretary’s recent statement that they were ‘trapped’ and that it was time to protect them and make ‘industry pay’.

At the same time, Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, announced: ‘We will scrap proposals for loans and long-term debt for leaseholders in medium-rise buildings and give a guarantee that no leaseholder living in their own flat will pay a penny to fix dangerous cladding.’

However, the current reality for many of these flat owners is that they still face massive bills to cover interim fire measures running into thousands of pounds.

Tom Beak, a solicitor at law firm Kingsley Napley, replies: The short answer is maybe. However, I’m afraid there are ‘ifs’ and ‘buts’.

First, Michael Gove’s announcement did not introduce new legislation, it merely set out an intention to negotiate with developers and invite them to contribute to the latest remediation fund, specifically for ‘medium rise’ buildings.

Mr Gove hopes to have agreed a fully-funded plan of action by March, but if negotiations stall it is currently not clear what measures will be taken to force a solution on the developers concerned or indeed how long this will take.

Second, the focus of the new proposals is to cover the outstanding cost of remediation of unsafe cladding to buildings 11 to 18 metres tall. So if your building falls in that range you may benefit in due course. If it is over 18 metres, you must continue to rely on pre-existing policies.

If your building is less than 11 metres, I’m afraid you remain outside the scope of Government-led financial support. In fact, at present, there are no solutions proposed for buildings that are declared unsafe but are less than 11 metres tall, hence such buildings are likely to remain unmortgageable making it impossible for leaseholders to sell.

Unfortunately, if your building falls within this category, the new proposals only offer the hope that the Government’s change in advice on building safety assessments encourages lenders to relax their position and return to lending on such properties.

It may also not be plain sailing if your block is ‘medium rise’. We await details of the precise eligibility criteria as to how the fund will be allocated. Despite the suggestion that ‘all leaseholders’ will be protected, previous policies have contained strict eligibility criteria for access to funds, so it is possible that not all buildings between 11 and 18 metres tall will qualify.

Of course, until we know that Mr Gove’s negotiations with developers are successful, there is no guarantee that the proposed remediation fund of £4billion will be available at all.

Other fire defects, such as flammable balconies, missing cavity barriers and replacing faulty fire doors are not covered 

Finally, the proposed remediation fund is designed to remove ‘unsafe cladding’ only. 

So, while you may well benefit from assistance with the cost of remedying the cladding issues on your building, other fire defects, such as flammable balconies, missing cavity barriers and replacing faulty fire doors are not covered. 

This is in keeping with previous policies, which have been criticised for providing partial solutions and making buildings ‘half safe’, with innocent leaseholders footing the remainder of the bill to remedy safety defects.

On the plus side, however, it is worth noting that the Government has scrapped its previous solution for 11 to 18 metres tall buildings that consisted of a long-term, low-interest loan for leaseholders. This would have added to leaseholders’ debt, rather ensuring that the ‘polluter’ pays.

In addition, Mr Gove’s announcement introduced fresh funds to cover common alarm systems on buildings that continue to use a waking watch.

This will be on top of the existing Waking Watch Relief Fund. Mr Gove also intends to enter discussions with the insurance sector to reduce insurance premiums that have soared in the wake of this safety crisis and to issue new proportionate guidance on building safety assessments. T

he hope is that this encourages the market and changes the ‘cautious approach’ adopted by buyers and lenders – which according to Mr Gove often ‘goes beyond’ what is necessary. Whether this is effective remains to be seen.

So while Mr Gove’s new proposals are a step in the right direction, much uncertainty remains. Provided that the proposed remediation fund can be realised swiftly and applied without unduly onerous eligibility criteria, it is surely a better solution than the previously proposed loan scheme.

However, it is likely that many leaseholders will continue to foot the bill for interim safety measures and struggle to sell their homes, until the practical effect of the changes are realised.

Without further, targeted policy or an extension of the remediation fund to cover fire safety defects beyond cladding, these defects will likely continue to be funded by leaseholders.

Source link

Current

Tumble-down cottage in Wales is one of the most viewed properties on Zoopla

Voice Of EU

Published

on

A tumbledown cottage in Wales has become one of Britain’s most viewed properties for sale – because it is all about location, location, location.

The rundown three-bed home in a stunning seaside town near Swansea is the second top-viewed property on Zoopla.

It goes up for auction with a £300,000 guide price and auctioneers, Dawsons, expect a bidding war today and tomorrow due to its sought after location.

The cottage is in the village of Reynoldston on the Gower Peninsula which was Britain’s first area of natural outstanding beauty.  

The Gower Peninsula was designated an AONB – area of natural beauty – on May 9, 1956, and today it welcomes hundreds of thousands of visitors each year.

The Gower peninsula has been a popular tourist destination since the 1950s as it is an area of stunning natural beauty

The Gower peninsula has been a popular tourist destination since the 1950s as it is an area of stunning natural beauty

The property would need a sizable budget and a realistic vision to renovate it as it has become tired over the years

The property would need a sizable budget and a realistic vision to renovate it as it has become tired over the years

The special status has saved the Gower from being overdeveloped while preserving it as a stunning location for generations of visitors and holidaymakers to enjoy.

With easy access to some of Wales’ most stunning beaches and coastline, the house is nestled within the heart of the beloved peninsula which stretches out into the sea.

The village facilities include a Post Office, St.George’s church as well as the King Arthur Hotel.

All of which are just around the corner from the cottage which is also within walking distance of award-winning beaches for plenty of peaceful walks.

Sian Musgrave, head warden, told Wales Online that without the AONB status, development would have been inevitable with more caravan parks and hotels, she said: ‘What is unique about this landscape is that it has been preserved,’ she said.

‘There is a sense that we are all working together to hold onto something very special.’

The house is going to auction with a guide price of £300,000 and is property website Zoopla’s second most-viewed online property across the UK for all of April.

The lone large bathroom of the three bed property is up to date and usable for new owners but may want to revamp it

The lone large bathroom of the three bed property is up to date and usable for new owners but may want to revamp it

The one reception room in the cottage houses a fireplace, stone floor and wooden shelves as well as a sunken window

The one reception room in the cottage houses a fireplace, stone floor and wooden shelves as well as a sunken window

Estate agents Dawsons described it as an ‘opportunity to purchase a delightful detached cottage, situated in a quiet country village of Reynoldston nestled in the heart of Gower.’ 

However, they added: ‘The property requires full renovations and is ideal for investment.’

According to Zoopla, the average asking price for a detached home on Gower peninsula is currently £493,369, with the average sold price overall within the last 12 months standing at £354,613.

The home is in need of a full renovation project both inside and out so the new owner will have to have a good budget and vision for the property.

There is potential to keep horses on site as the house comes with just under an acre of land  surrounding the home, plus there’s separate gated access into the field beyond the front garden, ideal for equestrian use.

The property has acres of land ideal for horses and woodland for plenty of time to enjoy the peaceful Welsh countryside

The property has acres of land ideal for horses and woodland for plenty of time to enjoy the peaceful Welsh countryside

The kitchen houses another fireplace and would need updated appliances and structural work

The kitchen houses another fireplace and would need updated appliances and structural work 

One of the three bedrooms in the house which has a crumbling roof and fatigued interior

One of the three bedrooms in the house which has a crumbling roof and fatigued interior

The floorplan of the cottage shows off the rooms over two floors with plenty of potential for new owners

The floorplan of the cottage shows off the rooms over two floors with plenty of potential for new owners

The cottage has two entrances and two floors as well as wooden furniture and staircase leading up to the bedrooms

The cottage has two entrances and two floors as well as wooden furniture and staircase leading up to the bedrooms

The kitchen measures 2.88m by 3.35m and is in need of some updates to modernise the cottage and bring it up to date

The kitchen measures 2.88m by 3.35m and is in need of some updates to modernise the cottage and bring it up to date

Through a gated entrance there is currently parking for one car at the rear but most of the garden is at the front of the cottage.

It has just over an acre of more land that comes with the house but is not adjacent to it.

This bonus land is mainly woodland and does not have vehicle access but does have pedestrian access.

For cash buyers only, the house is going to auction with Dawsons Property with a guide of £300,000.

Auction registration is now open with the bidding opening on Monday, May 16 at noon and will close on Tuesday, May 17 at noon.

Dawsons estate agents expect a bidding war over the cottage as it is in a beautiful area with a close community

Dawsons estate agents expect a bidding war over the cottage as it is in a beautiful area with a close community 

Another of the three bedrooms in the house which would need attention and modernising to give the cottage a new life

Another of the three bedrooms in the house which would need attention and modernising to give the cottage a new life

The Gower - Britain's first area of natural beauty is a sought after holiday destination so the cottage could be rented out

The Gower – Britain’s first area of natural beauty is a sought after holiday destination so the cottage could be rented out

Woodland and a parcel of land ideal for a paddock comes with the cottage which has acres of potential

Woodland and a parcel of land ideal for a paddock comes with the cottage which has acres of potential

The cottage comes with an acre of land for the new owners to enjoy the Welsh countryside and landscape how they wish

The cottage comes with an acre of land for the new owners to enjoy the Welsh countryside and landscape how they wish

The Gower became preserved after plans for a Butlin's holiday camp were rejected but tourists still flock to the seaside town

The Gower became preserved after plans for a Butlin’s holiday camp were rejected but tourists still flock to the seaside town

Source link

Continue Reading

Current

Universities want Leaving Cert moved to May to ease pressure on students

Voice Of EU

Published

on

Universities want Leaving Cert exams to be shifted to May to reduce stress on students and give families more time to find accommodation when college offers are made.

Their comments follow a report in The Irish Times on Monday that Leaving Cert results and college offers may be issued later than the traditional mid-August date.

Students and colleges fear that late results could delay the start of the academic year for thousands of first-year students and results in a last-minute scramble for accommodation.

In a letter to the Minister for Education Norma Foley, the Irish Universities Association (IUA) – which represents eight universities – warned that late results would have a “hugely disruptive” effect on Leaving Cert students’ further study and career options.

Jim Miley, the IUA’s director general, said later than normal results last year resulted in first year students being admitted to third level about three weeks late.

“This meant that the orientation process for first-year students was negatively impacted due to capacity constraints, as all other student cohorts had already returned to college by that time,” he wrote.

“It also resulted in first year students facing an even greater challenge in finding accommodation in an already stressed environment.”

Planning

Mr Miley asked that date be finalised “immediately” to facilitate more orderly planning.

“Even in a ‘normal’ year, results in mid-August are too late. To achieve this, we believe that the final examinations should be brought forward by at least a month, with a similar advance in the results timetable.

The Technological Higher Education Association, which represents technological universities, also warned that delayed entry to higher education would present “quality assurance” issues in relation to a shorter semester for first years, exam pressures, and late publication of timetables for all students.

“Late induction for the first year cohort limits the opportunities for peer interaction with existing students who have returned to class and there is limited availability for academic staff to engage due to teaching commitments,” it said.

“The consequences are not only at an academic management level but for students anticipating the uptake of an offer, early planning in respect of student accommodation remains crucial. Similar consideration attaches to students contemplating a move across international boundaries.”

Education authorities recently told higher education representatives that there are logistical challenges in finalising a date for issuing this year’s results.

These include a deferred sitting of the Leaving Cert exams for Covid-19 reasons and the Government’s decision that the outcomes of this year’s Leaving Cert will on aggregate be “no lower” than last year’s.

Clarity

The Irish Second Level Students’ Union (ISSU) also called for clarity on the results date to given as soon as possible.

ISSU president Emer Neville said it was vital not just for students’ mental health, but also for accommodation deposits and those planning to attend college abroad.

“The ISSU would urge the department to give clarity to these students as soon as possible to mitigate these issues, and also to begin work with international counterparts to ensure students can continue to study abroad should there be delays,” she said.

Ms Neville said the union recognised the importance of the second sitting of exams, which were put in place for students who may fall ill or suffer a bereavement during or before their exams.

“It is vital that the second sitting of exams goes ahead and that they are respected as an important component for the 2022 state exams, they are there for fairness.”

Source link

Continue Reading

Current

Ivanhoé Cambridge acquires distribution center in Hamburg (DE)

Voice Of EU

Published

on

Ivanhoé Cambridge has acquired a large logistics and distribution centre from ADF Asset Management Co, Ltd., a South Korea based asset management firm. The property had been in an ADF fund since 2015, whose LPs are large Korean institutional investors. H&M Group, single-tenant since occupancy in 2008, leased the 114,500m² property, ideally located on an approximately 150,000m² site. This H&M Group distribution centre in Hamburg Allermöhe, Rungedamm 38, supplies varied European markets of their store networks. An interdisciplinary and international team of Avison Young investment experts from Germany, the UK and Korea exclusively advised Ivanhoé Cambridge on this transaction.

 

Christian Daumann, Head of Investments Germany, Ivanhoé Cambridge, said: “With the acquisition of this logistics asset in Hamburg, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe. We are delighted to have worked on this transaction with the experienced team of Avison Young.”

 

Mehdi Patrick Riahy, Managing Director & Head of Capital Markets Germany, Avison Young, commented: “The German and in particular the Hamburg logistics investment market are highly attractive for both domestic and international investors. We are very pleased to have exclusively advised Ivanhoé Cambridge on this landmark transaction and to have had an excellent outcome for both parties.”

 

Penny Hacking, Lead European Capital Markets, Avison Young UK, said: Avison Young’s cross-border investment expertise combined with in-depth regional market knowledge has allowed us to complete this significant transaction, despite a challenging economic climate. We are proud to have advised our client on their first direct logistics acquisition into the German market, which remains highly competitive, as an increasing number of investment companies shift their focus towards the sector. Our strength in collaborating across multiple geographies to provide holistic, data-driven advice has helped secure this year’s largest single asset logistics transaction in Germany to date.”

 

CG Kang, Team Leader, Global Alternative Investment Advisory Division Capital Markets Group, Avison Young Korea, commented: We worked as one team and knowing the exact needs of the seller and buyer helped us to maneuver the deal into right direction for successful closing.”

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!