Leaseholders in residential blocks are being faced with inflated service charge bills for fire safety upgrade works, and may even be the victims of profiteering, according to a property and investment magazine.
The Investors Chronicle article by Claer Barnett suggests the Lakanal house tragedy has prompted “knee-jerk upgrades to blocks of flats around the country”. While acknowledging the need for safe residential buildings the article claims “there is increasing evidence that local authorities and freeholders of large blocks are not handling the process properly and is some cases, may even be profiteering from the scare.
“Landlords of flats are being saddled with unexpected service charge bills – in some cases 100 per cent more than the usual cost – due to fire safety upgrades which have been rushed through. Local authorities have been particularly quick to upgrade ageing residential stock, signing onerous contracts with private firms, many of which have not been subject to the usual legal checks and balances.”
Normally, leaseholders can expect, to receive a formal notice under the Leasehold Reform Act for major upgrade works, giving them the opportunity to scrutinise the process. But according to the article, much of the work fire safety work being carried out has not adhered to this process.
Read the full Investors Chronicle article
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