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FTB: Is a Leasehold Towerblock flat a bad idea?
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Thankfully for leaseholders of ex council properties there is now a cap on the maximum the council can charge for repairs- it is currently £15k. (so called Florrie's law). Which resulted in my landlord postponing the very overdue major works on the block-again- since they clearly intended to charge more.:mad:0
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Cautious_Optimist wrote: »Why are mortgage lenders reluctant?
Because all the negatives comments you just have read on this post0 -
Ooh! I hadn't heard of that. That might explain why I still have my single-glazed metal windows even though one literally came off in my hand the other month. Rumour had it that, when they got around to putting in double glazing for everyone, the contribution for a two-bed would be well over £20k. I'd be very excited to hear about a reduction of that size.Thankfully for leaseholders of ex council properties there is now a cap on the maximum the council can charge for repairs- it is currently £15k. (so called Florrie's law). Which resulted in my landlord postponing the very overdue major works on the block-again- since they clearly intended to charge more.
I'm trying to interpret the regulations - what does "[the cap applies where] part of a grant or other financial assistance of any kind from any programme... is used for the costs of works..." mean in this context? Is that automatically the case where the Council meets the cost in respect of the flats that are still Council-owned, or is it a condition which may or may not be fulfilled and I'd need to do some homework to find out?
[ETA: reading it properly, it seems that it only applies if the amount that it actually costs to do the work (i.e. the claim per Council-owned flat) is less than £15k, so it's designed to prevent a mark-up for leaseholders rather than to give us discounts per se. And presumably if the works genuinely do cost more than that, this rule wouldn't even protect us from the mark-up. So can we expect that all major works will now have a claim for £15,001 submitted, to avoid triggering this rule?
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