Thread by @2mod2

Even with #BSF and developer obliged to pay for remediation some leaseholders expected to pay in full upfront to ‘obtain funding’. How does that work?? Why? Who can afford to provide £40k they may never see back to those with money, who created the issue? #EndOurCladdingScandal

@RobertJenrick @ukcag @team_greenhalgh @LondonCAG this is the apparent ‘plan’ on my development. I really can’t understand how this will work. People who bought these flats don’t have these amounts ‘spare’. It is surely completely unworkable. What happens if people can’t pay?

If one person can’t pay do they go bankrupt? Then do all the other shares go up?
Then if this keep happening and there is one person left and they can’t pay what happens then?

If that is genuinely the approach we might as well give the keys back now. At least then we can save on the insurance, service and legal fees and get on with other stuff.

Or @mhclg could take leaseholders out of their misery, fund the remedial works centrally and then ruthlessly pursue those who are responsible. Please don’t make leaseholders go broke on what seems to be a credit issue

Oh yeah and the money will be due in 30 days from when notice is given. Due by people who currently cannot under any circumstances release any equity from their property - because it wasn’t built properly (less than 5 years ago)!

Meanwhile the developer I borrowed £250k to pay made £96m profit last year.
Over the last 6 weeks in particular I’ve become very worried this will not end well for me without some intervention.
Please, those with the power to do so
#EndOurCladdingScandal