Sir Peter Bottomley writes:
I have just raised leasehold abuse with Sajid Javid, the Secretary of State for Communities and Local Government, in the UK House of Commons chamber:
“To get the supply and demand into balance, Mr Speaker, that requires successful developers and confident buyers. Will my Rt Hon friend get in the owners of the freeholds who are making a misery of the lives of the people who have leasehold houses and the developers who are trying to put these things right? People like Adriatic, I think, frankly, are looking like modern day robbers.”
Sajid Javid: ‘Mr Speaker, first of all, let me take this opportunity to commend my Hon friend for the work that he’s done in this area, showing up the leasehold abuses that do take place, especially when it comes to buying new houses. He’ll know in the white paper that we’ve said we will be bringing forward proposals, and I can confirm to him that we will be doing that very shortly.’
You can read more about Adriatic on the Leasehold Knowledge Partnership website: https://www.leaseholdknowledge.com/tag/adriatic-land
LKP adds: The Adriatic Land portfolios of residential freeholds is owned by secretive private investors and are administered by Will Astor, founder of £1.3 billion ground rent fund Long Harbour.
Astor worked for six years for leasehold sector mastermind Vincent Tchenguiz, who was arrested – on wrong evidence – by the Serious Fraud Office in March 2011.
His father Viscount Astor attended the All Party Parliamentary Group on leasehold reform in December 2016. Hitherto, he had not displayed concern for young leasehold purchasers caught in onerous ground rent terms and similar.
So, to ask the Mrs Merton question: “Why is multimillionaire Viscount Astor attending a meeting to address the concerns of young leasehold buyers of flats and houses?”