Issue - meetings

RECOMMENDATIONS:

2.1. To offer a 5-year, interest-free option to both resident and non-resident leaseholders.

2.2. To reduce the threshold for 10-year payment plans from £10k to £6k, making bills more affordable for resident leaseholders.

2.3. To introduce a longer payment term of up to 25 years for resident leaseholders with invoices of at least £15k.

2.4. To continue offering voluntary charges for bills of at least £3k to resident leaseholders who are elderly or vulnerable or can’t afford any other payment option

DECISIONS

AGREED RECOMMENDATIONS

Reasons for the decision – as detailed in the report

Other options considered – as detailed in the report

Conflicts of interest / dispensations granted – none

RESOLVED:

(a) To offer a 5-year, interest-free option to both resident and non-resident leaseholders, paying major works service charges.

(b) To reduce the threshold for 10-year payment plans from £10k to £6k, making bills more affordable for resident leaseholders.

(c) To introduce a longer payment term of up to 25 years for resident leaseholders with invoices of at least £15k.

(d) To continue offering voluntary charges for bills of at least £3k to resident leaseholders who are elderly or vulnerable or who could not afford any other payment option.

Reasons for the decision – To ensure that the Council’s payment terms reflected the best options offered by other inner London boroughs and to give leaseholders greater flexibility to choose an option that met their financial circumstances.

Other options considered – a range of payment options were considered, all as detailed in Appendix 1 to the report

Conflicts of interest / dispensations granted – none