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The E17 Warner Residents' Association is holding a meeting over joint freehold purchasing for all residents hoping to bring down insurance costs
A meeting has been organised for residents of Warner properties in Waltham Forest to help people to understand how to buy the freehold on their home.
Two years ago the E17 Warner Residents’ Association was set up to try to tackle the high cost of buildings insurance in Warner flats.
Because of the nature of the builds, a freehold must be purchased jointly between all flats.
The cost will depend on the length of each lease but if either has been extended, this counts towards the cost.
Group chairperson Gerri Ellis said: “Under current leasehold law, the freeholder is usually responsible for insuring the premises and can pass the cost onto the leaseholder. But they don’t have to show value for money.
“We think the law is in need of reform but that won’t happen quickly.
“Meanwhile some residents have begun the process of buying their freehold and others want to find out more.
“We think this is the best solution for residents who don't wish to buy overpriced insurance.”
Leasehold Solutions will answer questions at the meeting on July 30 at Priory Court Community Centre.
The meeting begins at 7.15pm.