1 million euro houses are now worth zero due to construction defects

Buying poorly constructed houses is every home buyer’s nightmare. A good example of this happened in Camden, North London.

Owners of luxury apartments in the area have bought them 700,000 and between 900,000 pounds sterling, Admirably 1 million euros, were unexpectedly informed that their homes were worthless. It was also informed that the houses may be demolished due to serious construction defects.

oh Glass It explains what happened a few months after the first family moved into the building. The first complaints began about leaks in the roof and balconies. The intrusion resulted in flooding of residences and damage to residents’ furniture and appliances. As a result, the inner and outer walls of the flats began to crack and some windows and doors were left open and closed.

The insurer, who guaranteed these houses for 10 years, has yet to pay these families anything. This is despite all these reports of construction defects in the building.

Camden Council has received a request from a Government minister to consider whether it can prosecute a developer for “irresponsibly” approving flats deemed “unfit for purpose”.

Experts say the building poses a risk because it is unstable and its demolition should be on the table.

In short, residents of the building say they have already paid 300,000 pounds sterling, almost €350,000, to lawyers. After all, they live in “constant fear” of being left with nothing because the prices paid for houses were so high that they are now potentially worth zero.

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