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Councillors Financial Government ILA Islington LBI Leaseholders Leases

Millions could be raised in Islington leasehold sale

With the Leasehold reform bill on its way, its maybe time for Islington council to consider options like this.

Originally written by Jon Dean Thursday, November 1, 2012.

More than £20million could be raised for new homes if Islington Council becomes the first to adopt a pioneering scheme suggested by homeowners.

The plan, thought to be the first of its kind in the country, would see the town hall offer leaseholders a one-off chance to extend their leases by 99 years at a knock-down price.
With around 11,000 people owning former council properties, the initiative could raise in the region of £22million if the price was set at £2,000 as suggested.
The idea is the brainchild of Brian Potter, chairman of the Islington Leaseholders Association (ILA), who contacted Cllr Catherine West, leader of Islington Council, to put forward the proposal.
He said: “The beauty of this idea is that homeowners get security for two generations and can leave their home to their children, while Islington Council get some much needed funds.
“I think they will go for it – I mean, they will definitely want the cash. Other councils are raising money by selling off properties…they’re selling the family silver. 
“This way Islington get to keep the silver and make bundles of money by essentially selling cans of air.”
When people buy a former council home, they usually buy a lease for the property for a fixed period, normally 125 years, while the town hall retains the freehold. 
When the lease gets down to around 80 years, it can be hard to sell or mortgage the property and extending the lease can be a costly, complicated process. 
The cost of extending a lease on home worth £200,000 starts at around £7,500.
Under the proposed scheme the price of extending would be between £1,000 and £3,000 depending on the value of the property.
The council confirmed it was looking into the idea.
Cllr James Murray, Islington Council’s executive member for housing, said: “We are keen to look at new ideas like this, particularly at a time when we continue to face huge cuts to our funding by central government.

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Cyclical Works Financial Housing ILA Information Islington LBI Leaseholders Listed Buildings Major Works Meetings Partners PFI Repairs Service Charges

Housing Scrutiny – Information on Partners Resident Scrutiny Arrangements Meeting Tuesday 6th February 2018.

Housing Scrutiny-Information on Partners Resident Scrutiny Arrangements Meeting Tuesday 6th February 2018.

In advance of next week’s Housing Scrutiny meeting which will be considering the performance of Partners, please find attached a note submitted by a Partners tenant on the organisation’s resident scrutiny arrangements. This may inform discussions at the meeting.

The meeting will be held on Tuesday 6th February, 2018, at 7.30pm in Committee Room 4. The pre-meeting will be held from 7-pm in Committee Room 3, at Islington Town Hall.

Please click on this link –PartnersResidentScrutinyNote2018.pdf

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Financial ILA Information Islington LBI Leaseholders

Millions could be raised in Islington leasehold sale

Gazette reports more than £20million could be raised for new homes if Islington Council take up Dr Brian Potter ( ILA chair) suggestion and  offers leaseholders a one-off chance to extend their leases by 99 years at a knock-down price. more 

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ILA Information Islington Leaseholders Major Works

Resident improvement task force – Leaseholders may be excluded from key posts confirms Cllr James Murray

James Murray ( head housing honcho @ Islington Council) yesterday confirmed that although there would be 4 or 5  councillors advising him as part of the new housing consultation process, he would not confirm that any of them would be Leaseholders.

…unfortunately seems like more  anti-leaseholder politics