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I'd lay a fairly large amount of money on the developer having to wear the cost ultimately. Even if I am wrong, if you get 100k back off the government by writing off the equity loan, then have to pay out 20k, happy days. No use obvs if u either own with a normal mortgage arrangement or don't have any borrowing on the property. I don't think it'll come to that though I reckon the developer will be forced to sort it out.
princeperch-
I'd lay a fairly large amount of money on the developer having to wear the cost ultimately
We certainly hope so. Makes no sense otherwise, but the developer is obv trying its hardest to not bear the cost, and will drag it out as much as they can as a result.
princeperch
Ps it should probably go without saying but if your sister does have an equity loan on her property she may wish to think about starting the process of getting it valued, and then apply to settle the equity loan element of the borrowing , before the situation is resolved and she can't tuck the government up(which must be a nice feeling)..Not sure I understand, can you elaborate?
Hovis
My sister owns one of the flats in that development. It's a mess. The developer is refusing to pay and are asking the residents to fork out something stupid like 20k each iirc.