Owning your own home

£68k per leaseholder

Christ

EWS1 Update:
On the 20th July Chris Pincher released the Buildings Safety Bill which enshrines into law the fact remediation costs for buildings will be borne by leaseholders under a new term called building safety charge. The demand for building safety charges must be paid by leaseholders within 28 days and is enforceable in county court. It's estimated that the average cost for remediation works for buildings with cladding will be £68k per leaseholder.

This really is becoming a big scandal.

Finding 68k within 28 days is a non-trivial task, I'm assuming that for most it would mean adding that to the mortgage, but whether that's possible is going to depend on level of equity, and whether the bank thinks the property has any value given the current situation. What a shit show.

What a shower of shit.

This is madness.

Do you have a source for the £68k figure? I've seen on gov.uk they're saying "But, to make sure that these costs are affordable, we have deliberately included powers to limit the costs that can be re-charged to leaseholders" but am interested to know what they're deeming as 'affordable'.

I'm lucky enough to have been able to get an EWS1 form for my flat, after going around the housing association and directly to the property developer, but am still following the issue. My step-brother has been told by his HA that it could be up to 10 years before they're able to complete the required work on his building, and until then he's stuck unable to sell or remortgage.