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You are here: Home / Latest News / FT looks at financial consequence to freehold speculators of #leaseholdscandal

FT looks at financial consequence to freehold speculators of #leaseholdscandal

February 9, 2018 //  by Sebastian O'Kelly

Jennifer Thompson

From the FT yesterday …

An Englishman’s home is his castle, but it may also be someone else’s pension if it’s a leasehold property.

Leasehold is the arrangement by which a homeowner only owns their property for a fixed amount of time with a separate landlord, known as the freeholder, owning it and the land it is built on in perpetuity.

There were 4.2m private residential leasehold dwellings in England in 2016 of which 1.4m were houses, according to the Department for Communities and Local Government.

In practice leases often have at least 100 years left to run before they revert to the freeholder, and in the meantime the leaseholder is bound by certain conditions, which may include requesting permission before they make external alterations and, most often, the obligation to pay an annual charge known as ground rent.

Traditionally apartments, in which the financial responsibility for the upkeep of a building is shared between numerous households, have been sold on a leasehold basis.

But in recent years there has been a growing trend for housebuilders, including Taylor Wimpey and Persimmon, to sell new-build houses using a leasehold model so they can sell the freehold as a separate asset.

More in FT here 

Related posts:

Adriatic Land now wants £54,000 for my freehold that Taylor Wimpey said would cost £6,000 E&J Capital Partners ‘compelled’ to sell freehold to Taylor Wimpey house to pensioner for £38,000 (plus £4,000 costs) The Times SpreadThe Times reports that families ‘lost £3 billion’ on resale of leasehold retirement flats, while developers and freehold speculators made millions E and J Captial PartnersPensioner paid £38,000 for Taylor Wimpey freehold to ground rent speculators E&J Capital Partners McCarthy and Stone resale valuesThe Times reports that families ‘lost £3 billion’ on resale of leasehold retirement flats, while developers and freehold speculators made millions

Category: Latest News, News, PressTag: FT

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Previous Post: « Grenfell cladding crisis prompts the question: what are freeholders actually for?
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Reader Interactions

Comments

  1. Joe

    February 20, 2018 at 2:07 pm

    Dear Stephen.

    I am speechless that reference to the 1890s is seen as a defence to keep GR.

    Women didn’t have the vote , gay people went to prison and an important part of Irish independence was the fight to end oppression of tenants by Anglo Irish aristocrats. England is unique in keeping this feudal oppression of tenants.

    Only you Stephen and a few elites- likes of Will Astor, Tchenguiz Dukes of Westminster want to keep feudal oppression.

    • Kim

      February 20, 2018 at 7:20 pm

      Oh Blimey Joe,

      Please don’t give our Stephen delusions of grandeur…..I somehow do not believe that our Steve is living the “ high life”. I have no evidence to support my belief- call it a hunch!

  2. Kim

    February 20, 2018 at 3:43 pm

    Read all about it folks!!!!

    Quote “Parliament and government have to act.
    Every change in leasehold law has been forced by unfair judgements. When justice and the law diverge, parliament has to choose justice”. End quote

    Thus spoke that champion of shafted leaseholders. Sir Peter Bottomley.

    I believe it was in response to the Mundy V Sloane stanley estates ruling.

    Start polishing those pitchforks people because if parliament choose not to act we the people must force them into action.

    No room for complacency.

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