I have been asked to look at this for you.
I apologise for the delay in getting back to you.
I need some more information from you please.
Provided the original property sells within 3 years, you can recover the additional stamp although I accept that your cash flow would take a huge battering meanwhile. It would not matter if you only had 5% shared ownership, you still pay the extra stamp duty and for that matter, it wouldn’t matter if you had 5% of a house in outer Mongolia, you are still a second time buyer. Duty purposes.
Unfortunately, with the situation as it is in England & Wales, if a sale or purchase., Then each of the parties takes it on the chin. There have been lots of moves to get the law changed but the government seems to more concerned with enforcing parking charges in supermarkets.
I’m afraid that you are one of thousands of people in exactly the situation where you have share in the property which is not saleable and which is going to have to be greatly modified. There is absolutely no way around that because the lender will not lend on a non-compliant property. In fact, I have another customer who was asked a similar question where the mortgage is approved subject to the cladding being replaced and the cladding is scheduled to be replaced in February but the lender will not do anything until it has been done and all signed off.
I wish I could give a solution for you but until the cladding is changed, you are stuck. However if you under all the other property owners get your heads together, you could put pressure to bear on the freeholder/managing agent to do the work. It won’t help you in the short-term however. I’m sorry, I know this is not the answer you wanted.
If I have answered your question for you, at the top of the page, you should see a rating facility. Can you please rate my reply 3 stars or more because that really helps me? Please note you are not rating whether it’s favourable, because sometimes you may not get the answer you want, but basically my knowledge and way of dealing.
The thread does not close and I am happy to answer any questions you may have arising from this.