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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-
Sure, but if I’m a cash speculator I don’t care about any of that as I won’t be living in it.
Yes, that's right, and it's pretty much the only circumstance under which one of these places can be sold.
Buildings insurance is the freeholders responsibility. I assume they've had to put some kind of special measure in place to even get a policy that they might be able to claim on in the event of something going wrong.
Howard
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.