Castle Court flats were built during 1937, and were
originally only available as rented accommodation.
Since 1975, leases
for the 148 flats have been granted to various individuals and companies.
Castle Court Freehold Limited completed the purchase
of the freehold of Castle Court on 05 November 2004.
The UK's fastest broadband has recently been installed at Castle Court.
Further information is available at www.hyperoptic.com
Castle Court Freehold Limited - Background
Castle Court Freehold Limited was formed during 2004 to enable a majority of Castle Court leaseholders to acquire the freehold interest in Castle Court, rather than the freehold being sold to a commercial landlord.
As part of their purchase of Castle Court Freehold Limited, the founder members of Castle Court Freehold Limited were duly granted 999-year leases during 2004 / 2005.
If the freehold had been sold to a commercial landlord during 2004 / 2005, leaseholders would only have been entitled to acquire 90-year lease extensions of their original 1975 leases rather than new 999-year leases.
As the original 1975 leases have become shorter, the cost of 999-year leases for those leaseholders who chose not to participate in the 2004 purchase of the freehold but to delay upgrading their leases until a later date has gradually increased since 2004.
Membership of Castle Court Freehold Limited is only available to Castle Court leaseholders who upgrade to the new 999-year lease.
Leaseholders who participated in the 2004 purchase of the freehold were not concerned solely with the length or cost of lease extensions / new leases.
Leaseholder commitment to Planned Preventative Maintenance (“PPM”).
When voting in 2004 to acquire the freehold interest in Castle Court rather than allowing this to be sold open market to a commercial landlord, participating leaseholders also made a commitment to the strategic management of Castle Court by voting to commission a Building Survey and implement a 10-year Planned Preventative Maintenance (“PPM”) Schedule.
The introduction of Planned Preventative Maintenance (“PPM”) during 2005 has subsequently given all leaseholders a much clearer idea of their ongoing obligations than had been possible in previous years.
All leaseholders can now plan ahead for the cost of their repairing obligations instead of receiving unexpected invoices for urgent large projects, or consultation notices for large projects that had not previously been notified to leaseholders.
Following completion of the renewal & replacement of the main roof in 2008 and the refurbishment of the passenger lifts in 2010, the PPM schedule now revolves around 5-6 yearly redecoration works.
Planned Preventative Maintenance (“PPM”) & Prospective Purchasers
The PPM Schedule also shows prospective purchasers that Castle Court Freehold Limited is a responsible landlord, committed to forward planning and good estate management.
Prospective purchasers can review the PPM Schedule and decide whether the likely cost of their contribution to PPM projects during the period they intend to own a flat is feasible, rather than buying a flat without budgeting for their contribution to PPM projects.