who can afford the amount due of recladding?

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spring18sonia
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who can afford the amount due of recladding?

Post by spring18sonia » Sat May 27, 2017 5:02 pm

I've received a letter about the payment for the recladding works from Trinity estates company. I was notified that the due date for payment is Friday 7th July 2017. And I've been advised that I'd been charge for more than 70k. So much money. How can I afford it? How do you think?
oldie
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Re: who can afford the amount due of recladding?

Post by oldie » Mon May 29, 2017 10:44 am

When you bought your two flats recently, both solicitor and surveyor must have informed you of the development plan. If not, there may be grounds for taking action against them. As it stands, if you should fail to meet the deadline of 7 July , your flats may be subject of action to recover the money , so a quick sale of one of them may give you some relief from your problems.
I would suggest you go back to trinity and/or the directors and throw yourself on their mercy.


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Al D
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Re: who can afford the amount due of recladding?

Post by Al D » Mon May 29, 2017 4:11 pm

there cant be any leniency as the contractor has said they'll only hold their price for a few months. After that it goes up another 6%. And after that no contractor will do the job.

I'd certainly take legal action against your solicitor for not informing you. They clearly have not done their job. I havent seen a flat marketed at an estate agent for years that hasn't mentioned the works and the 70k bill.

Did you contact the finance firm that Trinity / the board recommended? Last I heard they had delivered a solution for everyone that had contacted them worried about not raising the money. They've been mentioned in many of the updates that have been sent out and were talked about a lot at the meeting in March we had about raising the money.
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Re: who can afford the amount due of recladding?

Post by Matthew » Wed May 31, 2017 5:27 pm

Hello can someone post the info of the finance company. Also any information regarding projected values, time scales etc. Apologies but a relative has not understood the urgency.
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Al D
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Re: who can afford the amount due of recladding?

Post by Al D » Thu Jun 01, 2017 9:41 am

Trinity sent this out a few weeks ago:

Finance for refurbishment work

We have received very positive feedback from Stirling Partners Finance; who have been able to assist a number of leaseholders who were concerned about their ability to raise finance for the necessary works.

As well as general mortgage advice, Stirling are able to assist retired homeowners with equity release plans and multiple flat owners, who are looking for more tailored financing.

Please note that Stirling Partners Finance is not endorsed by the management company and you are free to seek independent financial advice from your own advisor or through the wider market place.
spring18sonia
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Re: who can afford the amount due of recladding?

Post by spring18sonia » Sat Jun 03, 2017 6:46 pm

What is the contact details Stirling Partners Finance? Who can tell me? Thanks.
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Re: who can afford the amount due of recladding?

Post by Waltonwatcher » Sun Jun 04, 2017 10:12 am

It's not hard to google them? You could of easily looked this up yourself.

http://www.stirlingpartners.co.uk/residential-finance/

As Al D says the management are not endorsing this company. It's an option. You need to do your own research and decide what is best for you.
spring18sonia
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Re: who can afford the amount due of recladding?

Post by spring18sonia » Sun Jun 04, 2017 5:01 pm

Thank for your answers.
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