Re: sons house buying problems
Originally Posted by
Muddy
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My son owns a flat and the insurance rates for it have gone up about @100+ % the reason / excuse .
Grenfell tower s
This is ridiculous it’s a brick built unclad block .
That is appalling.
Apart from anything else, it may well have an additional adverse effect on the value of the property. Buyers will have to take into account running costs, and this will affect the size of mortgage that they'd be willing to take out, and thus potentially reduce the number of viable buyers, which might entice owners to drop their asking prices.
This was one of the things that I and my fellow director brought up when the share of insurance was being negotiated. It contributed towards a reduction in the proposed increase for flat owners as well as a slight reduction in the fee that the management company would take for their own running costs.
(There were other aspects during our discussion, including relative floorspace and the fact that shops "owned" more parking slots and were thus producing more litter/wear and tear and hence maintenance costs for the upkeep)