Value of flat with cladding?
Discussion
Hi all, three years ago, I sold my London flat within two days of it going on the market. The buyer then had 3 attempts at obtaining a mortgage, which failed due to the cladding problem.
The local council has now offered to buy it back from me, but in the event of not being able to agree on a value, they will give me the exemption certificate for the cladding costs which I had previously applied for.
My problem is that I don't know how the value would have changed since I tried to sell it 3 years ago, so I have no idea what a fair offer would be. My local estate agent wasn't much help, as no flats like mine have sold since then.
If there are any brokers etc who could shed some light on this, I'll appreciate it.
The local council has now offered to buy it back from me, but in the event of not being able to agree on a value, they will give me the exemption certificate for the cladding costs which I had previously applied for.
My problem is that I don't know how the value would have changed since I tried to sell it 3 years ago, so I have no idea what a fair offer would be. My local estate agent wasn't much help, as no flats like mine have sold since then.
If there are any brokers etc who could shed some light on this, I'll appreciate it.
catman said:
Hi all, three years ago, I sold my London flat within two days of it going on the market. The buyer then had 3 attempts at obtaining a mortgage, which failed due to the cladding problem.
The local council has now offered to buy it back from me, but in the event of not being able to agree on a value, they will give me the exemption certificate for the cladding costs which I had previously applied for.
My problem is that I don't know how the value would have changed since I tried to sell it 3 years ago, so I have no idea what a fair offer would be. My local estate agent wasn't much help, as no flats like mine have sold since then.
If there are any brokers etc who could shed some light on this, I'll appreciate it.
I think I would be happy to take whatever you sold it for 3 years ago just to get it off your hands. Sounds like these flats have been a nightmare. The local council has now offered to buy it back from me, but in the event of not being able to agree on a value, they will give me the exemption certificate for the cladding costs which I had previously applied for.
My problem is that I don't know how the value would have changed since I tried to sell it 3 years ago, so I have no idea what a fair offer would be. My local estate agent wasn't much help, as no flats like mine have sold since then.
If there are any brokers etc who could shed some light on this, I'll appreciate it.
Hi, thanks for your reply. Yes, it may come to that. After my initial post, my son found an identical flat to mine for sale, in another block nearby. This block is a carbon copy of mine.
It looks dreadful in comparison to mine, with a shorter lease. It's up for huge money, with no mention of a problem with the cladding!
It looks dreadful in comparison to mine, with a shorter lease. It's up for huge money, with no mention of a problem with the cladding!
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