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Probably my last tweet. When exchanging views with those that are respectful of others' opinions, X has been a great way to learn what was going on in the cladding crisis. The outcome is still messy and there is little more I do to help existing leaseholders still suffering.
For new buyers of flats from the same developers who produced flats with flammable cladding, potential buyers need to know that,
1. The developers have shown no contrition for their design failures and for passing on the costs of replacing defective cladding to their customers. So, THEY ARE NOT TO BE TRUSTED.
2. The government has strengthened the LIABILITY of developers for defects but developers will still do all they can to avoid being responsible for what they make. Buyers are advised to use solicitors from the commercial sector for the conveyancing since they will be able to make sure buyers are better protected contractually from paying for developer mistakes. If the developer is a subsidiary company, these solicitors will ask for a co-lateral warranty.
3. Buyers should not be comforted by any NHBC warranty being offered. THESE WARRANTIES ARE USELESS FOR FLATS since they do not cover the rectification of faults in the common parts. A STRUCTURAL WARRANTY is much more appropriate.
4. Buyers should not buy a flat unless they have significant access to funds to cover for any unexpectedly high service charges. People on relatively low income and savings only for a deposit should not even think about buying a flat. RENTING WOULD BE A MUCH BETTER OPTION FOR THEM.
Please could any followers of mine who know of people who are thinking of buying a flat pass on these notes to them? Many thanks.
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