Leasehold is the right to live in and use part of a property for a long period – known as the term of the lease. The lease is a formal contract between leaseholders and Lambeth Council. Both parties have a duty by law to keep this agreement. By signing the lease you are accepting the responsibilities that are described in the lease. CETRA is responsible for managing the lease on behalf of Lambeth Council.
CETRA has the second largest number of Leasehold properties amongst Lambeth’s TMOs at 179. As of March 2013 we have the lowest percentage of Service charge debt owed by leaseholders in Lambeth.
We recognise it is important that we provide a Value for Money service to the leaseholders to justify their share of paying for managing, maintaining, repairing and providing services. Responsibility for providing services to leaseholders is split between Lambeth and CETRA. All structural work, Right to buy processing, calculation of service charges is the council responsibility and we are responsible for the upkeep of the estate.
When major repairs are taking place Lambeth calculates the contribution that leaseholders are to make. An explanation of the way the charges are arrived at is contained within a section 20 notice that leaseholders receives before the work starts.