Submitted on Wednesday 25th April 2012
Published on Thursday 26th April 2012
Current status: Closed
Closed: Friday 26th October 2012
Signatures: 1
Protection for people buying new leasehold apartments
When people buy leasehold apartments in a new development there is a mechanism in place which allows the developer to complete the sale of individual units for occupation before the development is finished. This of course means that their purchase has completed before the development is finished and therefore qualify for a certificate of Practicle Completion from the local authorities building control. When this happens we need a guarantee in place to ensure there is money available to complete the development should the developer not be in a position to complete the building due to being insolvent or the freehold being placed in the control of a Law of Propety Act Receiver. This could put the leaseholders in a position where they find themselve having to finance the finishing of the building themselves. A bond similar to what local planning departments insist on to ensure there is money available to finish the public highway around the development etc. is needed
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