The Climate Change Minister has announced a buy-out scheme that will allow leaseholders effected by fire safety changes prompted by the Grenfell disaster to sell their flats to the Welsh Government.
Speaking to the Senedd on Tuesday Julie James MS detailed that flats would be accessed by the valuation office in the same way as currently happens for compulsory purchase valuations then leaseholders would be able to sell their property to the Welsh Government at that value if they so choose.
The leaseholder support scheme will be defined at a later date, the Minister stated they are considering help for people who have been unable to sell their flat on the open market without going into negative equity, those in mortgage arrears, those who have encountered financial difficulty in order to avoid mortgage arrears and those who are unable to sell their flat which has become overcrowded as their family has grown.
The Minister pledged the scheme will in place by April 2022 but that applications will take months to consider.
Conservative MS Peter Fox said “Thank you, Minister. That’s a really positive statement, and I thank you for your commitment to getting this right. This isn’t a political matter; this is something we just all want to address and make better for the residents who’ve been suffering so much.”