leaseholder3
13-07-2008, 14:12 PM
I am not sure where exactly this thread should go, so I am trying it here. I wonder if people know what is going on at Woodberry Down Estate in Hackney. There we go:
- Woodberry Down is one of the biggest estates in London. It has approximately 330 leaseholders.
- Some 8 years ago there was some talk about the demolition of the estate and problems started.
- The council has decided to go ahead with the demolition in phases. Blocks of flats belonging to phase 1 have already been demolished. Some leaseholders faced a big battle to get a decent price for their flats on that phase.
- We are not sure when the other phases will begin and as such we, the leaseholders, are in limbo.
- Banks and Building Societies are not lending money for possible mortgages and therefore the flats cannot be sold. Even with letters from lenders stating that they will not approve any mortgages for this estate, the council refuses to accept that there is a blight. Many leaseholders would therefore accept having their flats bought by the council now, but the council (or Hackney Homes) say that this is not an option. Service charges are extremely high in some of the blocks, mainly due to heating being generated by an outdated boiler, but the boiler will not be changed because of the demolition (which would make sense if the demolition was to happen soon, but as mentioned before, the actual dates are rather vague- a vicious circle). The service charges for a typical 2 bedroom flat in some blocks is around £2,700 per year (present estimate for 2008-2009).
- You can imagine how unfair it is with the present credit crunch situation, not being able to even remortgage your flat with another lender when your mortgage deal comes to an end.
- Apparently one particular leaseholder had proceedings of repossession started against him.
Any ideas about what we can do? HELP !!!
- Woodberry Down is one of the biggest estates in London. It has approximately 330 leaseholders.
- Some 8 years ago there was some talk about the demolition of the estate and problems started.
- The council has decided to go ahead with the demolition in phases. Blocks of flats belonging to phase 1 have already been demolished. Some leaseholders faced a big battle to get a decent price for their flats on that phase.
- We are not sure when the other phases will begin and as such we, the leaseholders, are in limbo.
- Banks and Building Societies are not lending money for possible mortgages and therefore the flats cannot be sold. Even with letters from lenders stating that they will not approve any mortgages for this estate, the council refuses to accept that there is a blight. Many leaseholders would therefore accept having their flats bought by the council now, but the council (or Hackney Homes) say that this is not an option. Service charges are extremely high in some of the blocks, mainly due to heating being generated by an outdated boiler, but the boiler will not be changed because of the demolition (which would make sense if the demolition was to happen soon, but as mentioned before, the actual dates are rather vague- a vicious circle). The service charges for a typical 2 bedroom flat in some blocks is around £2,700 per year (present estimate for 2008-2009).
- You can imagine how unfair it is with the present credit crunch situation, not being able to even remortgage your flat with another lender when your mortgage deal comes to an end.
- Apparently one particular leaseholder had proceedings of repossession started against him.
Any ideas about what we can do? HELP !!!