Lawyers have contacted the Guardian newspaper to say that buyers of new-build houses and flats with crippling ground rent clauses could take legal action. The full article can be read here Graham Balchin, of solicitors Carter Lemon Camerons says: “It is a requirement of most lenders [see the CML Handbook section 5.14.9] that the lender […]
LKP is delighted to announce that it has been accepted onto the Open Data Institute’s start-up accelerator scheme. This is a very prestigious accolade. Of the 83 applications for the scheme, four were accepted The ODI was co-founded in 2012 by the inventor of the web Sir Tim Berners-Lee and Sir Nigel Shadbolt, an authority […]
This morning Pete Redfern, Taylor Wimpey CEO, was on the Today programme (BBC Radio 4) discussing the housing crisis. This afternoon MPs are demanding he explain a housing crisis of Taylor Wimpey’s own making: building leasehold houses and flats where ground rents double every ten years. This has left first-time buyers with homes that they […]
Veteran columnist Peter Bill addresses leasehold houses in Estates Gazette today.
– Urgent issue for MPs of parliamentary group on leasehold next month – Onerous lease terms in taxpayer-aided Help To Buy home purchases – Ground rents doubling every 10 years from plc housebuilder The disgraceful and increasingly widespread scandal of plc housebuilders selling leasehold houses is reported in The Guardian today. It can be read here The […]
The Guardian newspaper has today reported the Blythe Court ground rent scandal that has left leaseholders with bills of up to £8,000 a year. In 95 years the ground rents can reach £8 million a year for a one-bedroom flat bought for £58,000, says the article, written by Guardian staff reporter Rupert Jones. It quotes […]
Private Eye today published reports of the legal challenge to the “scandal” of lease extension valuations mounted by chartered surveyor James Wyatt. Wyatt, a former head of valuations at John D Wood, is urging the adoption of a more mathematically robust method to value short leases: that is leasehold properties, usually flats, that have less […]
The Times today (September 10 2016) reports the research into re-sale values recorded on the Land Registry for retirement properties. The article, headed “Exit fees and poor resale values: the uncomfortable truth about retirement homes”, quotes LKP patron Sir Peter Bottomley, who earlier this week established the All Party Parliamentary Group on leasehold and commonhold, […]
The Mail on Sunday personal finance section went over the issue of leaseholders exercising right to manage and buying the freehold yesterday. The article can be read here It referenced the LEASE survey that found that 57 per cent of leaseholders regretted buying their property. This is a figure quite unprecedented in other jurisdictions where […]
Ten out 15 flat owners at Willow Court in Carlisle are living in the wrong flats after a mix-up following their purchases years before. Local businessman Chris Mayer discovered the problem when he tried to sell his three-bedroom flat. To his surprise and distress he discovered from the Land Registry that the flat where he […]
… Conveyancing Association calls for enforcement of reasonable fees, and it wants Land Registry to register ‘lease administrators’ who handle sales
… It claims there is ‘an imbalance of bargaining power between the lease administrator and the leaseholder’
… 34 per cent of estate agents say leasehold sales are a ‘nightmare’
… LKP tells the Financial Times’ FTAdvisor publication that freeholders routinely stuff sales as a cash-raising tactic
… Leasehold transactions across all UK regions have risen to 260,000 in 2015 up from 220,000 in 2011 (Source: Land Registry)
… Today 57% of all transactions in Greater London and 40% in the North West are for leasehold properties
Sales of flats are routinely seen as an opportunity to squeeze ‘extortionate’ amounts of cash out of leaseholders by freeholders, says the Conveyancing Association.
Consumers are inadequately protected as lease administrators handling sales for freeholders are not required to be part of an ombudsman scheme or come under the jurisdiction of the First Tier Tribunal of the property chamber.
The low-born woman who made the Duke of Westminster’s fortune Today’s article in the Financial Times prompts this historical footnote. The FT quite rightly highlights the Court of Appeal action of chartered surveyor James Wyatt, of Parthenia Limited, who is challenging the mathematical calculation of values in lease extensions. If he wins the case, and […]
Leasehold properties make up 43 per cent of all new-build registrations with the Land Registry for England and Wales, and 3,000 of those were for leasehold houses. That is one of the findings in the Financial Times’s three-page cover story in its FTMoney section, published this weekend. The article, written by personal finance veteran Lindsay […]
50 Oxford council leaseholders facing £50,000 bills featured on BBC Radio 5 Live The plight of 50 Oxford City Council leaseholders facing major works bills of £50,000 each was featured on BBC Radio 5 Live this morning. Part of the programme can be heard by clicking the BBC page above. We are trying to obtain […]
A plan to build a basement flat at the bottom of an expensive central London block features in the Daily Telegraph today. Forty five residents at Queen Court in Bloomsbury are furious at the proposals to transform the 1,975 square foot space with no natural light, apart from a few skylights, into a basement apartment. […]
Housing association leasehold featured on the BBC Radio 4 consumer show You and Yours today … and LKP managed to make a case for commonhold as an alternative. Click here to listen at 18.20 minutes in The programme concerned Pam Pearson, a leaseholder whose flat was left cold and damp after a cavity wall outfit […]