Cavendish Legal Group urges leaseholders to seek expert advice over cladding replacement costs
The Cavendish Legal Group are urging leaseholders to seek expert advice over cladding replacement costs, following the announcement of financial support to remove cladding.
Commenting on that announcement, Jonathan Frankel, head of the Property Litigation Dept at Cavendish Legal Group, said:
“The cost of replacing cladding is going to run into the billions so it will be interesting to see how far the Government is willing to go in terms of extra funding.
“Of course, leaseholders have been stuck in limbo on this issue to a certain extent, not wishing to stay in a property they don’t feel safe in, but unable to sell (or often refinance) with such a liability hanging round it.
“The fact is the freeholders in many cases will not get the cladding safety tested because of the fear of the cost of the repairs. Whether the freeholder can pass the costs on to the leaseholder remains the issue here – as many will not be able to pay and will run the risk of losing their home.
“This is where government support could be most beneficial in protecting leaseholders and enabling repair work to go ahead without the freeholder worrying about the costs, or delaying the much needed rectification works.
“As a leaseholder it’s important to get legal advice from experts in leasehold and property law, whether it’s about the prospect of being a mortgage prisoner, or if they are being forced to pay big costs to remedy the cladding when they can’t afford to.
“While it’s right that potentially dangerous cladding is removed following the Grenfell Tower tragedy, it’s not right that leaseholders should expect to pick up a bill they can’t afford, or risk losing their home.”
Kindly shared by Cavendish Legal Group
Main article photo courtesy of Pixabay