Leasehold Debt Recovery Policy
Payment options
Where payment cannot be made in one single payment leaseholders will be offered standard payment terms as follows:
Invoice Amount | Payment Terms |
---|---|
Invoices less than £250 | Immediate Payment(within 28 days of invoice |
Invoices between £250 and £750 | By following March 31st (end of Service Charge year) |
Invoices between £750 and £1500 | Up to 12 Monthly payments |
more than £1500 | Up to 18 Monthly payments |
If payment is not able to be made under these standard terms the council may, in cases of financial hardship, agree to discretionary arrangements for payment of debts owed. In these instances the matter should be referred to the Housing Income Manager for consideration of the case and leaseholder circumstances.
Evidence of financial position i.e. income and expenditure will be requested and assessed prior to any discretionary payment terms being agreed.
Discretionary Payment Terms |
|
---|---|
Service Charge Loans | Invoices of more than £1500 may qualify for a Service Charge loan. This is available during the initial ten years of the original lease being granted. Interest will be payable on any loan granted at the local authority lending rate set by central government. Please refer to Leasehold & Sales Team for further information. |
Optional Works | If the council has agreed to include optional works for leaseholders, for example new windows (where the responsibility for windows sits with the leaseholder and not the council). Payment terms will be up to a maximum of 18 months from the date of billing (billing occurs upon completion of the works). |