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the costs to rectify the cladding can’t be that much.
It's the discount you get for buying a flat that can't be mortgaged, let out or resold, and is potentially a fire hazard that could kill you.
And yes, nobody can or will sell. Unless they are desperate and in that case they might take 2-300k in cash.
Howard-
Sure, but if I’m a cash speculator I don’t care about any of that as I won’t be living in it.
I think the bigger issue is that it’s probably uninsurable, so I’d it does burn down whilst you are waiting for it to get fixed, you are stuffed.
Although actually that’s sometimes the freeholder’s responsibility, but then you just have a claim against an otherwise empty SPV most probably.
NickCJ
Surely there is a huge opportunity to make money here if you can buy these flats way cheaper than market value less cost of rectification? Seems odd that the £600k flat in the article was valued at only £90k, as the costs to rectify the cladding can’t be that much.