Always look after your property assets

Finefair appreciates that councils across the UK have a lot of pressure to provide housing. Property owners can help by choosing to lease with them rather than doing it privately. Our team make it easy to arrange this kind of service. As a result we are the top name for council leasing Tower Hamlets and other areas in London can offer.

Compulsory purchases

Property owners have an obligation to make sure their assets are in a good condition, even if nobody lives in them. A home left to decay can cause a wide array of issues, including putting safety at risk, attracting anti-social behaviour and harming the environment. If the owner does not act, the local council can use their powers to complete compulsory purchases. Therefore they can buy the property and decide what happens to it.

A recent case in Tower Hamlets shows that councils are willing to act. The local authority will use their powers to attempt to purchase a home in Bow that has been abandoned for seven years. In this time it has become structurally unsafe and a hotspot for squatting and drug dealing. The back garden is also now home to a colony of foxes. All of these issues have seriously affected neighbours.

What happens next?

The local council is looking to buy the property for £860,000. If successful they would then invest additional money to refurbish the home. After this is complete local homeless families could live in the property. After five years the authority may look to sell it at the market rate, potentially earning a nice return.

The current owner has the right to contest the compulsory purchase order. If he chooses to do so there will be a public enquiry. This will help to decide on the best course of action.

This is a great example of why people should look after their properties. If they struggle Finefair can help. Our team have a lot of experience with property management. In addition we can arrange things like private lettings and council leasing so that homes aren’t left unoccupied.

If you want help from the best provider of council leasing Tower Hamlets can offer, contact our team. We offer information and discuss everything.