A COUPLE has revealed their £130,000 new-build home is now worthless after a “huge mistake” was missed.
Steph and Chris Oliver bought their property in a Bradford estate in the hopes of becoming first-time homeowners.
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But what should have been the perfect place to bring up their family, ended up being a nightmare.
With the help of the government’s ‘Help to Buy’ scheme they secured a three-bedroom home back in 2015 with a 20 per cent help to buy the loan.
Chris and Steph were able to pay off the house in 2014 paying just under £130,000.
But little did they know their hopes for a happy home would soon unravel.
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When the savvy couple decided to re-mortgage their property, they were met with a shocking reality.
As part of the process, the property had to be valued but the report left the family devastated.
The house was deemed worthless due to structural items that failed to meet building regulations, the couple said.
When we realised it was worth nothing it was a shock.
Fellow resident Adeel Azfal
The Olivers appeared on BBC One’s Rip Off Britain to share their ordeal in 2020.
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Chris said: “It’s a mess. We feel let down by the systems in this country.
“There’s been so many people who we should have been able to trust and rely on and no one wants to help.”
Homeowners slammed Sherwood Homes for leaving them stranded in financial chaos.
In February 2020, the company went bust, and it appears to have been liquidated on Companies House.
Chris added: “We tried to contact Sherwood Homes. There was no reply.
“They stopped answering phone lines and emails. We were in a state of panic.”
‘DEADLY’ LANDFILL
But they are not the only ones affected by the new build.
Fellow resident Adeel Azfal bought his property for a whopping £175,000 in June 2016.
The 27-year-old was left in thousands of pounds worth of debt after realising his home was worthless.
He said: “We’ve got a young family. My partner doesn’t work so we are tied into what we thought would be our forever home.
“When we realised it was worth nothing it was a shock. I’m in £150,000 worth of debt to my mortgage provider and I’m paying for a house that’s worth nothing at all.”
According to the council, the estate sits next to an old landfill containing deadly methane gas seeping through the earth.
Although protective measures were supposedly in place, residents are not sure if it was ever finished.
Another resident, Hamid Khan, said: “You can only verify it if you break the whole floor. It doesn’t make sense.
“You’re so close to a landfill site and to not install a gas membrane and not install correctly. It’s just unheard of.”
Bradford Council said developers have “let down” residents and that is providing support to those affected.
A spokesperson told The Mirror: “Clearly residents have been let down by the developer and the agencies that worked for the developer, and that is why the Council have supported residents through guidance and advice.
“We understand that a number of the residents have successfully taken legal action against the developer’s agencies in order to rectify some of the problems on site, which the Council considers to be the correct route for residents to be following.”
Homes England claimed it will stop collecting interest on Help to Buy loans for those affected by the situation.
A spokesperson added: “We have been in regular contact with Mr and Mrs Oliver over this matter and recognise the distress it has caused them.”
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The Sun has tried to approach Sherwood Homes for comment.
Bradford Council and Homes England have also been contacted for comment.
How to buy an affordable home and get 20% off your home
IF you’re a key worker, you may be eligible for affordable housing – and save tens of thousands of pounds on your first home.
Affordable housing are homes that have been made cheaper for Brits to buy or rent.
They’re homes for people on lower incomes and key workers – and they are 20% below market value.
Since 2017, developers have to make at least 10% of the homes being built under new schemes affordable.
Here’s how to apply for affordable housing:
Who’s eligible for affordable housing?
To be eligible for affordable housing, you must have an income of less than £80,000 – or £90,000 if you live in London.
You’re also eligible if you’re a key worker.
You’re a key worker if you work in:
- Childcare and education
- Key public services like charity and frontline workers
- Local and national government
- Food industry such as in production, distribution, sale and delivery
- Public safety and national security such as police and armed forces
- Transport and border industries
- Utilities, communication and financial services such as banks, oil and gas sectors
How do I apply for affordable housing?
Currently, there’s no national scheme you can apply to in order to get affordable housing.
Instead, each housebuilder – or local authority – will run their own scheme.
So you’ll have to do your own research and see what affordable housing schemes are in the area you’re looking to live in.
It might be worth checking out which first time buyer events are being hosted around your local area.
Bolu found out about Pocket Living’s scheme by visiting the London Home Show – an event held annually to help people get on the property ladder.
There are websites that can help you search for affordable homes too, such as HomeHunt.
Simply type in the postcode you’re hunting in into the site’s search engine to see what properties are available.
What happens if I want to sell my affordable home?
The rules for selling your affordable home may vary depending on who you bought it from.
But it’s highly likely that you’ll need to sell on your home to someone who is also eligible for affordable housing.
For example, if you buy a Pocket Living affordable home, you must sell it to someone who fits the criteria for affordable housing.
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