Decision details

1.                  To approve the proposal to bill leaseholders for future major works schemes, not yet consulted on, on an estimated basis.

2.                  To note the various proposed full payment options and agree in addition to the currently approved options :

a.            That leaseholders may be afforded a 2.5% reduction of their major works bill should payment be received within 30 days of the invoice date.

b.            An interest free repayment period for all major works charges paid within 36 months of the bill be issued subject to a signed payment agreement.

c.            A 5 year repayment period, the first 3 years being interest free and the remaining 2 years’ instalments accruing compound interest at 5% above Bank of England base rate, subject to a signed payment agreement.

That options b and c will not be available to non-resident leaseholders subletting their property (save, at officers discretion, in exceptional cases of under letting necessitated by mortgage arrears, secondment or hospitalisation, entry into a care home or circumstances of a similar nature). Nor will they be available to leaseholders who are resident but not occupying as their only or principal home, again save in such exceptional cases.