Timeline for the recladding project

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Al D
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Timeline for the recladding project

Post by Al D » Wed Sep 25, 2013 6:46 am

For those that didn't attend the AGM on Monday, the surveyor, Adair, has issued a timeline for the recladding project, which is now about to enter a critical phase.

The timeline is based on there not being any unforseen delays occurring.

September 2013: Measured survey and structure investigations (will last approximately 8 weeks). Thermal assessment and investigation for grants (12 weeks).

October 2013: Detailed proposals to be drawn up (4 weeks).

November 2013: Section 20 Stage 1 (4 weeks). The LVT (or first tier tribunal property chamber) application (12 weeks). The planning application (22 weeks).

April 2014: Preparation of the specification of the works (6 weeks).

June 2014: The tender process (6 weeks).

July 2014: Tender reports (2 weeks).

August 2014: Section 20 Stage 2 (6 weeks).

September 2014: Section 20 Stage 3 (6 weeks).

October 2014: Collection of funds from leaseholders. Lead in period for contractor (12 weeks).

January 2015: The work takes place (48 weeks - due to be completed in December 2015).

We won't know until about July / August 2014 what the price will be per flat, but the tenders are set to be very similar to the quotes we received in 2009/2010. The cheapest one was £30,000 per flat.

VAT has gone up by 2.5% since then, and there's obviously been inflation, but the price hopefully will remain in that sort of area. Adair will approach 6 contractors to tender, rather than the three we got a few years ago.

It is envisaged that the work will involve about 50% of one tower being done before the second one is started, and the third one being started when the first tower is completed. Individual flats should only face a day or two each of major disruption, and a temporary screen will be erected to ensure none are completely exposed to the elements during that day or so.

We will need pretty much 100% of the money in before the work can start. The good news is that at the AGM there appeared to be 100% support from attendees (about a third of all leaseholders) for the project. If anyone fails to pay in the 12 weeks then legal proceedings will immediately begin. The AGM did go through funding options for each leaseholder, ranging from loans to equity release and including deals that can be struck with mortgage companies such as lifetime mortgages and remortgaging.

It was also suggested that the current price of the flats are artificially low due to uncertainty about the recladding - so maybe this timeline might help boost prices immediately.
Last edited by Al D on Sun Dec 01, 2013 3:08 pm, edited 1 time in total.
abelard
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Re: Timeline for the recladding project

Post by abelard » Fri Sep 27, 2013 6:26 am

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Last edited by abelard on Fri Jan 23, 2015 6:21 pm, edited 1 time in total.
Al D
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Re: Timeline for the recladding project

Post by Al D » Thu Oct 17, 2013 2:03 pm

Also on financing, this was said at the AGM:

'There are a number of options available to assist with funding the re-cladding project. Re-mortgage, Loans, Equity Release and Lifetime mortgages. Most of these are self-explanatory with the exception of Lifetime Mortgages.

'Lifetime Mortgages allow the interest to be paid providing a level balance throughout. You can chose to repay interest on a monthly basis or make payments whenever you like. To qualify applicants must be over 55 and own a property valued at least £70,000. Equity Release Supermarket is award winning specialist in Equity Release and interest only lifetime mortgages. They will provide a free initial consultation and will check whether interest only mortgages can benefit you. They are available on Free phone 0800 6785159 or by visiting their website at http://www.equityreleasesupermarket.co.uk.'

It was emphasised that members should seek independent advice before choosing any of the products mentioned.
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