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So you got served a section 20 notice by the council, confirming that they intend to refurbish the property and you are now liable for your share of the costs.
The first thing to note is that there are more and more of section 20 notices being served as councils are using this authority to renovate their property portfolios. Besides the huge financial problems this causes, it also can and does have a major impact on those homeowners looking to sell their properties. For some, even the rumour that a section 20 notice is pending, can cause a sale to fall through.
If you didn't know already, a section 20 is the legal document the council serves on the leaseholders of a building, i.e. people that have bought their flat from the council originally, informing them that they intend to undertake essential refurbishment of the buildings common parts. This usually covers common parts like lifts, roofs, appearance of the building and so forth. Each property could end up with a bill of up to £20,000 or more.
This can cause a traumatic backlash of problems. Firstly, the cost of refurbishment will be charged back to each leaseholder on a proportionate basis.
Secondly this can cause a devastating effect to any property on the market for sale or for anyone who intends to sell their property as most buyers will be put off by the large pending section 20 bill.
Additionally once the works do eventually start they normally continue for many months. This adds to the problem of selling a property as it can be very difficult to sell with scaffolding erected and noisy building works.
It is also worth noting that all solicitors are bound to inform any potential purchaser if a section 20 notice has been served. In fact for most ex council properties this is one of the first questions being asked.
MPG Investments provide an authentic solution to anyone in this position. Because we are specialist investors in all residential property, we understand section 20 issues and can always make an offer to buy. We don't need mortgage company approvals and can complete on any sale in 7 days if required.
Just recently, MPG completed a sale for a client who lives in Spain. Her flat in the UK was for sale when out of no where the freeholder of the building served her a section 20 notice of £ 24 000. This made things extremely complicated since she wasn't in the country to sort things out and knew that the circumstance would chase any potential buyers away. She contacted MPG and found out that being a cash funded investor MPG was not put off at all. MPG bought her property within 7 days - problem solved.
For a quick and hassle free sale of a your property (with or without a section 20 notice) call MPG Investments on 020-8732-3565 or go to www.mpginvestments.co.uk.
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Section 20 Notice
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