In the case of bills for major works Bron Afon recognises that some leaseholders may have difficulty in paying a large sum in one payment. In addition to providing advice and support we will offer a range of options to help leaseholders manage their repayments. These payment options are not available for any part of the sum due that is disputed, and arrangements differ for resident and non-resident leaseholders:
- Discount for prompt payment – a 5% refund for full payment within 30 days of the invoice, when the payment is for £1,000 or more;
• Interest free payment (Residential) – A maximum of 5 years, from the invoice date, for leaseholders who reside in their property to repay major their works bill in full. If a leaseholder who resides in the property receives more than one bill for charges for major works within any 5-year period, we will re-set their interest free period for the total balance outstanding on their account for a full 5 years from the date of the most recent bill.
This will only apply where:
- The total payment due exceeds £10,000, and The leaseholder has adhered to their repayment agreement with us for previous charges;
• Interest free payment (Non-residential) – An extended maximum period from the invoice date, will be available for non-resident leaseholders to repay their major works bill in full, on the following basis;
12 months for amounts up to £3,000
24 months for amounts £3,001 to £6,000
36 months for amounts over £6,000
To use these payment arrangements, leaseholders must complete an income and expenditure form and confirm their agreement of the sum due and enter into a written agreement with Bron Afon on the terms of delayed payment. They will also have a fixed period of not more than 1 month from the date of invoicing to agree the repayment terms after which time the terms will cease to be available unless there are exceptional reasons why the Leasehold Manager considers that this time limit should be extended. Repayments must be made monthly by direct debit (or alternative frequency as agreed by the Leasehold Manager).
The deferred payment arrangements on offer cease to be available in the case of any transfer of ownership (including any transfer of ownership because of the death of the leaseholder) or default, at which point Bron Afon will require that any balance due is paid in full.