Countryside Properties plc, which was selling now unmortgageable properties with rip-off doubling ground rents as late as last summer, has come up with a deal with Long Harbour over Silver Point, in Edmonton.
Leaseholders, whose lives have been on hold since the doubling ground rent scandal erupted at the end of 2016, are to be offered amended ground rent terms “within the next two weeks”, Countryside Properties plc says.
The delay is attributed to Enfield borough council owning the headlease to the site.
Baz Jafar, a leaseholder who has articulated the woes on the leaseholders in national media, said: “It looks as though we may have some sort of deal on the table – finally.”
The deal is complicated in dealing with the various unknown – and unknowable – interests involved in the ownership of freeholds, run by the Long Harbour fund.
Long Harbour, a fund of supposedly £1.6 billion of property assets was is run by Vincent Tchenguiz-trained William Waldorf Astor – the half-brother of Samantha Cameron and heir to the viscountcy.
Many of the residential freeholds it owns are held in secretive offshore entities, and even the UK ones invariably have nominee directors.
Countryside Properties plc came to a deal with Winchester-based E&J Capital Partners, headed by James Tuttiett, to buy back 10-year doubling ground rent freeholds at five sites last August.
Countryside Properties plc deal to buy back freeholds turns spotlight on Taylor Wimpey, BBC told
When the scandal began Countryside Properties plc was telling its ex-customers that the onerous ground rents were their problem to resolve.
Last August Baz Jafar told LKP: “Up until a few weeks ago we were emailing Ian Sutcliffe, the CEO of Countryside Properties plc, and we were being told there is nothing untoward in ten-year doubling ground rents.
“And if we had any questions concerning the lease terms we should speak to our solicitors who handled the sale.”
Silver Point, Enfield, London | Countryside
Edmonton has a vibrant population of close to 100,000 people with both local & national retailers and service providers represented on Fore Street; including Tesco, Superdrug, McDonald’s and Peacocks. Silver Point is located within the heart of the thriving Upper Edmonton retail district, just south of the North Circular Road (A406), less than half a mile from Silver Street Railway Station.
Related posts:
Countryside Properties plc deal to buy back freeholds turns spotlight on Taylor Wimpey, BBC told
Guardian reports ‘breakthrough’ deal from Countryside … Pressure on Taylor Wimpey also to offer freeholds
Countryside Properties plc cracks over ground rents scandal …
Tory MP Stephen McPartland shames Long Harbour / Adriatic Land into dropping doubling ground rent leases
Countryside Properties is selling London flats at The Mount, Mill Hill, with £300pa doubling ground rents
Sajid Javid tells BBC why his leasehold and lettings regulator is a good idea
The posting mentions “Many of the residential freeholds it owns are held in secretive offshore entities, and even the UK ones invariably have nominee directors”
From a Film seen recently on TV called The Siders Web.
In the days of Empire, Britain transferred the mineral and commodity wealth of its imperial possessions back to Britain. Britain’s tax haven empire is a modern version of this wealth extraction. Britain is a complex country where corruption is hidden behind multiple layers and those ultimately responsible are difficult to identify. I hope this film will help shine a light on part of this obscurity and contribute to the creation of a world where financial rules and regulations are to the relative benefit of all players and apply to all participants equally regardless of their position or importance.
Does this ring a bell with politicians who continue to fail to regulate the Leasehold Industry?