"Rich Bell, a leaseholder, expressed frustration, stating, 'We're in this position where we're trapped in the building as a result of the actions of a developer, but the situation is being compounded by the inaction of the council.'"
"Bell's experience illustrates the broader issue, as he noted, 'The buyer of my flat was advised by his solicitors that he would not be able to get a mortgage on the property because of the risk of being liable for the debt.'"
Seventeen leaseholders in Upper Clapton, east London, are unable to sell their homes because of an £850,000 debt owed by their building's developer, Restoration Hackney, to Hackney council. This debt has remained unpaid for eight years, leading to mortgage providers refusing loans on the flats. Rich Bell, a leaseholder, faced halted selling processes and discovered that if the developer went bankrupt, the leaseholders would be liable for the debt. The council has ignored multiple appeals for assistance from the affected residents.
Read at www.theguardian.com
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