The previous offer of discounts for resident leaseholders will apply to the full amount of £57.9m. For resident leaseholders (including shared owners) the contribution of the Council will have a 20 per cent reduction applied when rechargeable works are billed for.
The contribution from central government (£24.9m) will not be recharged to resident leaseholders. This equates to a 54.4 per cent discount for resident leaseholders who were residents at the time of the tragedy, and also at the time of being required to pay the charge. In addition, the maximum potential charge for resident leaseholders will be £15,000 over any five-year period whilst the government grant is utilised, and an extensive range of repayment methods will be put in place to ensure no one is financially stretched as a result of the refurbishment. Following a request from the Lancaster West Residents Association (LWRA), which has since been agreed at Leadership of the Council, non-resident leaseholders (e.g. Notting Hill Genesis and buy-to-let landlords) will be fully charged for the cost of works, including the government grant.
There is no limit on the level of recharge for these properties, however repayment options will be available. The table opposite summarises the full repayment options that will be available to leaseholders.
