Top property entrepreneur puts 25% of sales fees into fund to cover repairs for homeowners
A leading London based property entrepreneur is putting 25% of sales fees into a fund to cover essential repairs, in a move designed to give greater consumer protection to homeowners.
This follows high-profile cladding scandals that have left homeowners facing financial ruin to the tune of at least tens of thousands of pounds.
Moreover, research by the Federation of Master Builders (FMB) found that the ‘fear of hiring a cowboy builder means the UK economy is missing out on £10 billion each year.’
Patrick Dougherty, co-founder of Cuvelo, an estate agency only selling exclusive interior designed and refurbished properties said: “Unfortunately buyers have heard too many horror stories about cowboy builders and cynical refurbishment developers.
“We want to make a difference by putting a quarter of the agency fees that are generated from sales into an escrow account to cover off any claims that may arise from the purchaser up to that amount for one year.”
Dougherty hit national headlines when he famously refurbished and then became one of the first people in the UK to sell a council flat for £1 million, which also happened to be above Stella McCartney’s fashion shop.
He added: “This sum is usually sufficient to cover off the most common problems home buyers face, including leaking pipes and bathrooms and snagging issues and broken fixtures and furnishings, and we will coordinate these works.
“Whilst the vast majority of builders and refurbishment developers are honest and hard-working individuals, we want to play our part in bidding farewell to the cowboys and cynical refurbishment developers.”
This was posted in Bdaily's Members' News section by Nicholas Newman .
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