Dream turns to nightmare Tribunal loss leaves residents to foot £3million cost of cladding
Green Quarter, Manchester
Fran Reddington, 33, used Help to Buy to secure her first home in Green Quarter five years ago for £125,0000.
But her dream flat has turned into a nightmare as the 345 leaseholders in Vallea Court and Cypress Place were told they are liable for the £3million cost of replacing the cladding.
She said: “It was a first time buy, a new home... now it is the worst decision that I have ever made.”
The residents lost a tribunal brought by property investor Pemberstone, which ruled that their leases made them liable for the cladding costs, 24-hour fire watch on Vallea Court, and legal fees.
The buildings were finished around 10 years ago, and they are now waiting to see if insurers will pay out, or hoping that the builders, Lend Lease, will “do the right thing” and foot the bill.
She is “too scared” to have her flat revalued in the wake of Grenfell, after other residents were told that mortgage companies would not lend against the property as it was dangerous. If they cannot release equity to pay for the repairs, then they could lose their properties.
“The residents are essentially stuck,” Ms Reddington said. “We don’t know how quickly they will start work or how soon they will want money for it. We don’t know how we are going to get the money to pay for it, but at the same time we are too scared not to.
“People can’t rent the houses out because no one wants to live in a block that is a fire hazard. Every time someone burns their toast and the fire alarm goes off you think that that is it.
“We can’t afford to pay but we can’t afford to carry on living like this.”