Local Authority Leaseholders
London Rebuilding Society’s Home Improvement Scheme is also available to local authority leaseholders. If you are a leaseholder struggling with a major works bill then get in contact with us and see what we can do to help.
If you’re a local authority leaseholder and can say ‘yes’ to at least one of the following then we may be able to help:
- I have a Major Works bill but no money to pay it
- I have a low income job or I am living on benefits
- I am 65 or over and receive a state pension
- I cannot afford repayments on a local authority loan
- I am ineligible for a local authority loan
In exchange for a percentage of your equity, LRS will pay your Major Works bill. All you have to do is sign a ‘promise to pay’ called an Equitable Mortgage, which simply means that when you finally come to sell your home you promise to pay LRS the same percentage of equity.
Leaseholder Case Studies
Ms LF received a Major Works bill of £20,000, was in temporary employment, received Disability Living allowance and had little disposable income. By taking part in LRS’ scheme Ms LF was not only able to pay her major works bill but did so within six weeks – so received a 5% discount for early payment.
Mrs RN was faced with a Major Works bill and needed to find £9,000. First she approached her bank, but was refused a loan because of her low income. Next she considered a local authority loan scheme and although she qualified by age she could not afford to add to her monthly outgoings. In the end, she decided that LRS’ Equitable Mortgage was the best option for her, since that way her home could do all the work!
Due to cerebral palsy, Mrs PF was unable to work and her only income was state benefits. Although most of her Major Works bill was covered by grants, she still had to find £1,300. Mrs PF was also struggling with her mortgage. However, by using her equity, she was able to pay off her Major Works bill and reduce her mortgage at the same time.