Friday 15 April 2005 10.08am
1. Service charge to split so that Southwark Council
invoices separately for building insurance premium and ground rent. TMC invoices for rest of service charge. Stops miscommunication between TMC (collectors) and Southwark Council
(responsible for insuring). Makes it easier for sellers of property to get proof that they have paid ground rent and building insurance premiums and that building insurance cover exists.
2. Major works repayment can be made under terms to Southwark Council
i. 36 month interest free loan
ii. 25 year loan effectively mortgage at 1.5% above base rate (i.e. currently 6.25%)
iii. Loan against value of property paid back in full on sale of property. Pay back simple interest on loan amount charged at 2% above base rate per anum.
3. Section 20 consultation proceedure is a joke. Peter Francis (Director) & Martin Green (Head of Southwark Leasehold Management Unit) agreed and admitted to being at fault in not providing enough information to leaseholders regards major works.
4. No specifics regards costs of major works or estimated commencement dates. One leaseholder calculated £20,000 'per unit' for major works specified so far. Martin Green seemed to think this was in the right ball park.
Not sure how replacement of windows and a communal water tank can incur costs of £20,000 per flat.
In short, another painful two and a half hours with little information that was required or asked for forthcoming. Mr Chan did his best to liven up proceedings as ever.