Disadvantages of buying leasehold property, BBC London News

Our CEO Paula Higgins featured on BBC News on 12th Feb 2020 reporting on the leaseholders in ex-authority flats facing extortionate maintenance charges. There can be disadvantages of buying a leasehold property from the council as this case highlights.

Artist Michelle Baharier has lived on the Gilesmead estate in Camberwell, south London since 1993, first as a council tenant, then as a leaseholder since purchasing her flat through right to buy in 2008. Southwark council owns the freehold to the estate of 40 flats, 29 of which are owned by leaseholders.

She says her two-bedroom flat originally lacked adequate heating. In 2014, after a series of surveys and consultations with leaseholders, the council installed a communal heating and hot water system at a cost of close to £1m, saying it would last 25 years. Each flat was billed £24,486. But Baharier claims that installing an individual heating system in each flat would have cost just £4,000 per property.

If you want to understand the difference between buying a leasehold and a freehold property check out our guide:
🔗https://hoa.org.uk/advice/guides-for-....

🔊 Here at the HomeOwners Alliance we have been calling for the abolition of leasehold for a while. For more information on leasehold charges make sure you read our guide: https://hoa.org.uk/advice/guides-for-...

See more about our campaigns here:
🔗 https://hoa.org.uk/campaigns/

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