Leaseholders' Handbook - Plymouth Community Homes
Leaseholders' Handbook - Plymouth Community Homes Leaseholders' Handbook - Plymouth Community Homes
Payment methods for major works Plymouth Community Homes leases say that all service charge invoices should be paid in full within 21 days of issue. Plymouth Community Homes is pleased to offer a flexible range of payment options for those leaseholders who live in their flats as their principal home (your main address) and who face difficulties paying in full within 21 days. These are: • To pay by a Deferred Payment Plan of up to 3 years. Regular monthly payments are made and no interest is charged to leaseholders. • To pay by a Deferred Payment Plan of between 3 and 5 years by regular monthly instalments. In this case Plymouth Community Homes will take a Legal Charge over the flat as security and legal costs will be charged to the leaseholder. Interest is payable on this type of Deferred Payment Plan. • For leaseholders who are over the age of 60 it will be possible to pay interest only on the amount of the invoice. In this case, Plymouth Community Homes will take a Legal Charge over the flat and the cost of this can be paid separately or added to the amount of the invoice. The amount of the invoice must be paid when the property is either transferred to a third party or sold. • For those leaseholders who are in genuine hardship, because they are on very low incomes or in receipt of certain benefits, an application can be made for assistance from the Service Charge Hardship Scheme. This scheme does not take away the responsibility for paying the invoice, but allows those who qualify to pay an agreed regular amount that they can afford until the account has been fully paid. Those leaseholders who do not live in the flat as their principal home must pay all major works invoices in accordance with the terms of the lease for their flat. This means that full payment must be made within 21 days. Plymouth Community Homes will accept whatever choice of principal home a leaseholder has registered with HM Revenue and Customs. ➪ Previous page | Contents page | Next page ➪ 16
In certain circumstances, it may be possible for a leaseholder to apply for a Service Charge Loan, under the terms of The Housing (Service Charge Loans) Regulations 1992. These loans are provided by The Homes and Communities Agency and not by Plymouth Community Homes. Under the regulations a leaseholder has the right to request a loan from the HCA to cover the cost of major repairs to the property, provided that: • The leasehold of the property was purchased under the Right to Buy legislation i.e. before the transfer of properties to Plymouth Community Homes (not the preserved Right to Buy). • The leasehold was purchased less than 10 years before the date of the invoice for service charges. • The leaseholder must pay the first £2,410 of all service charges demanded in the current financial year. Any amount over this will be eligible for a loan. • The minimum loan is £800. The loan term will vary depending on the amount of the loan, as follows: Loan amount Less than £1,500 Between £1,500 - £4,999 Over £5,000 Term 3 years 5 years 10 years • The loan is secured by a mortgage over the property. • Interest will be charged on the loan. • A leaseholder must apply for a loan within 6 weeks of the date of the invoice for major repairs. If you wish to apply for a loan, please write to: Finance Department Homes & Communities Agency 110 Buckingham Palace Road London SW1W 9SA • The maximum loan is £32,140. ➪ Previous page | Contents page | Next page ➪ 17
- Page 1 and 2: Leaseholders’ Handbook
- Page 3 and 4: Contents Electronic version: please
- Page 5 and 6: Introduction from the Chief Executi
- Page 7 and 8: Our offices Our Head Office is in t
- Page 9 and 10: Not all leases are the same Not all
- Page 11 and 12: Leaseholdersʼ Responsibilities (co
- Page 13 and 14: Paying the annual service charge Al
- Page 15: European Union (EU) Procurement Rul
- Page 19 and 20: Having problems with payments? Prob
- Page 21 and 22: Supporting People Supporting People
- Page 23 and 24: What if I am still not satisfied? I
- Page 25 and 26: Buildings Insurance Plymouth Commun
- Page 27 and 28: Repairs Plymouth Community Homes an
- Page 29 and 30: Gas and Electrical Servicing You ha
- Page 31 and 32: Resident Involvement Plymouth Commu
- Page 33 and 34: Subletting your flat Leaseholders a
- Page 35 and 36: Will Plymouth Community Homes buy b
- Page 37 and 38: Frequently Asked Questions When the
- Page 39 and 40: Consumer Advice Trading Standards P
- Page 41 and 42: Lessor Another word for freeholder.
- Page 43 and 44: Leaseholder Handbook Translation En
In certain circumstances, it may be possible for a<br />
leaseholder to apply for a Service Charge Loan,<br />
under the terms of The Housing (Service Charge<br />
Loans) Regulations 1992. These loans are<br />
provided by The <strong>Homes</strong> and Communities Agency<br />
and not by <strong>Plymouth</strong> <strong>Community</strong> <strong>Homes</strong>. Under<br />
the regulations a leaseholder has the right to<br />
request a loan from the HCA to cover the cost of<br />
major repairs to the property, provided that:<br />
• The leasehold of the property was purchased<br />
under the Right to Buy legislation i.e. before the<br />
transfer of properties to <strong>Plymouth</strong> <strong>Community</strong><br />
<strong>Homes</strong> (not the preserved Right to Buy).<br />
• The leasehold was purchased less than 10 years<br />
before the date of the invoice for service charges.<br />
• The leaseholder must pay the first £2,410 of all<br />
service charges demanded in the current<br />
financial year. Any amount over this will be<br />
eligible for a loan.<br />
• The minimum loan is £800.<br />
The loan term will vary depending on the amount<br />
of the loan, as follows:<br />
Loan amount<br />
Less than £1,500<br />
Between £1,500 - £4,999<br />
Over £5,000<br />
Term<br />
3 years<br />
5 years<br />
10 years<br />
• The loan is secured by a mortgage over the<br />
property.<br />
• Interest will be charged on the loan.<br />
• A leaseholder must apply for a loan within 6<br />
weeks of the date of the invoice for major<br />
repairs.<br />
If you wish to apply for a loan, please write to:<br />
Finance Department<br />
<strong>Homes</strong> & Communities Agency<br />
110 Buckingham Palace Road<br />
London<br />
SW1W 9SA<br />
• The maximum loan is £32,140.<br />
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