Bradford council is to establish a compact with 900 leaseholders who face rocketing repair costs after stock transfer.
The compact will establish ways to pay bills that in some cases will reach thousands of pounds. Innovative equity or interest-only mortgages could be on offer for those without resources to pay.

The problem arose through council plans to transfer its 26,000 homes to Bradford Community Housing Trust Group in February. The Housing Corporation insists registered social landlords must levy charges on leaseholders to pay for building repairs. Bradford leaseholders fear huge bills because the council has not kept up repairs.

The compact will guarantee leaseholders two years to pay smaller bills, longer for larger amounts. Stock transfer project manager Paul Webley said: “Most leaseholders are in the Shipley area where prices are buoyant. The works should protect their investment.”

The trust is to return to the issue in February with a detailed schedule of works and costs.

Source

Housing Today