Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Welsh Government to buy homes affected by cladding

Welsh Government



Under the scheme, the Government says it will offer to buy homes from leaseholders struggling to sell properties or facing financial difficulties

The Welsh Government has announced a new scheme that aims to help those affected by the cladding crisis. Under the scheme, the first of its kind in the UK, the Government says it will offer to buy homes from leaseholders struggling to sell properties or facing financial difficulties.

Announcing the scheme, Climate Change Minister Julie James said that it will be aimed at leaseholders who have found themselves in ‘significant’ financial hardship as a result of not being able to sell their properties, and will be launched this year.

She said: There are some for whom the financial pressure of living in these buildings is becoming unbearable. I do not want to see people’s long-term futures blighted by bankruptcy, eviction and potential homelessness.

The scheme will target provision where it is most needed in buildings with identified defects where individual leaseholders cannot sell their properties on the open market and find themselves in significant financial hardship due to escalating costs, said James.

Acknowledging that many leaseholders have tried and failed to sell their homes, or are now living in unsuitable homes, James continued: What we want to do is we want to see, in honesty, how many people have attempted to sell their house on the open market and have failed to do so because it puts them into negative equity or because the terms on which they’re able to do so are too punitive for them to be able to countenance that.

I want to be able to see what we can do to help people who are going into mortgage arrears, for example, or have other severe financial difficulties because they’ve managed to pay their mortgage but as a result, they have other financial difficulty, she said.

She said: I’m prepared to look at people who are clearly in overcrowded situations as a result of having had to stay, perhaps, in premises that were intended as a Starter Home and now they’re a larger family. There are a number of areas of hardship that we’re prepared to look at.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.



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