• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • Home
  • What is LKP
  • Find everything …
  • Contact
Donate

Leasehold Knowledge Management Logo

Secretariat of the All Party Parliamentary Group on leasehold reform

Mobile Menu

  • Home
  • What is LKP
  • Find everything …
  • Contact
  • Advice
  • News
    • Find everything …
    • About Peverel group
    • APPG
    • ARMA
    • Bellway
    • Benjamin Mire
    • Brixton Hill Court
    • Canary Riverside
    • Charter Quay
    • Chelsea Bridge Wharf
    • Cladding scandal
    • Competition and Markets Authority / OFT
    • Commonhold
    • Communities Select Committee
    • Conveyancing Association
    • Countrywide
    • MHCLG
    • E&J Capital Partners
    • Exit fees
    • FirstPort
    • Fleecehold
    • Forfeiture
    • FPRA
    • Gleeson Homes
    • Ground rent scandal
    • Hanover
    • House managers flat
    • House of Lords
    • Housing associations
    • Informal lease extension
    • Insurance
    • IRPM
    • JB Leitch
    • Jim Fitzpatrick MP
    • John Christodoulou
    • Justin Bates
    • Justin Madders MP
    • Law Commission
    • LEASE
    • Liam Spender
    • Local authority leasehold
    • London Assembly
    • Louie Burns
    • Martin Paine
    • McCarthy and Stone
    • Moskovitz / Gurvits
    • Mulberry Mews
    • National Leasehold Campaign
    • Oakland Court
    • Park Homes
    • Parliament
    • Persimmon
    • Peverel
    • Philip Rainey QC
    • Plantation Wharf
    • Press
    • Property tribunal
    • Prostitutes
    • Quadrangle House
    • Redrow
    • Retirement
    • Richard Davidoff
    • RICS
    • Right To Manage Federation
    • Roger Southam
    • Rooftop development
    • RTM
    • Sean Powell
    • SFO
    • Shared ownership
    • Sinclair Gardens Investments
    • Sir Ed Davey
    • Sir Peter Bottomley
    • St George’s Wharf
    • Subletting
    • Taylor Wimpey
    • Tchenguiz
    • Warwick Estates
    • West India Quay
    • William Waldorf Astor
    • Windrush Court
  • Parliament
  • Accreditation
  • [Custom]
Menu
  • Advice
  • News
      • Find everything …
      • About Peverel group
      • APPG
      • ARMA
      • Bellway
      • Benjamin Mire
      • Brixton Hill Court
      • Canary Riverside
      • Charter Quay
      • Chelsea Bridge Wharf
      • Cladding scandal
      • Competition and Markets Authority / OFT
      • Commonhold
      • Communities Select Committee
      • Conveyancing Association
      • Countrywide
      • MHCLG
      • E&J Capital Partners
      • Exit fees
      • FirstPort
      • Fleecehold
      • Forfeiture
      • FPRA
      • Gleeson Homes
      • Ground rent scandal
      • Hanover
      • House managers flat
      • House of Lords
      • Housing associations
      • Informal lease extension
      • Insurance
      • IRPM
      • JB Leitch
      • Jim Fitzpatrick MP
      • John Christodoulou
      • Justin Bates
      • Justin Madders MP
      • Law Commission
      • LEASE
      • Liam Spender
      • Local authority leasehold
      • London Assembly
      • Louie Burns
      • Martin Paine
      • McCarthy and Stone
      • Moskovitz / Gurvits
      • Mulberry Mews
      • National Leasehold Campaign
      • Oakland Court
      • Park Homes
      • Parliament
      • Persimmon
      • Peverel
      • Philip Rainey QC
      • Plantation Wharf
      • Press
      • Property tribunal
      • Prostitutes
      • Quadrangle House
      • Redrow
      • Retirement
      • Richard Davidoff
      • RICS
      • Right To Manage Federation
      • Roger Southam
      • Rooftop development
      • RTM
      • Sean Powell
      • SFO
      • Shared ownership
      • Sinclair Gardens Investments
      • Sir Ed Davey
      • Sir Peter Bottomley
      • St George’s Wharf
      • Subletting
      • Taylor Wimpey
      • Tchenguiz
      • Warwick Estates
      • West India Quay
      • William Waldorf Astor
      • Windrush Court
  • Parliament
  • Accreditation
You are here: Home / Latest News / Keep the leasehold racket unreformed, Mainstay begs MPs

Keep the leasehold racket unreformed, Mainstay begs MPs

November 19, 2018 //  by Sebastian O'Kelly

… Beside most whinging leaseholders are buy-to-let investors

Full marks to Mainstay for making the most nakedly self-interested submission to MP members of the Community Select Committee.

Mainstay is a property management company, but also invests in residential freeholds.

It says: “Our customer base of some 80,000 flatted leaseholders suggest that 58% are owned by buy to let investors, 44% are owner-occupied.”

Mainstay adds: “We think that very careful thought needs to be given before leasehold is abandoned. Leasehold is a system that can be made to work extremely well for the leasehold owner with appropriate reform.”

“We consider that the beneficial role of the institutional corporate investor has been ignored in this debate … These modern owners care deeply about customer service, fairness and the health and safety of their customers.”

Question: Why is it leaseholders, sorry enforced customers, can only with difficulty break free of these paragons, and face an deeply unbalanced legal cost regime in any financial dispute?

“These typically have valuable high-profile reputations which drives out fairness [sic] and good consumer outcomes. They also see their interest in buildings as being very long term in contrast to the relatively short period of the average leasehold ownership.”

Question: If the ground rent game involves only respectable pension investors – it doesn’t: no major pension fund has really significant investment in it, according to the Bank of England – why are they hiding their beneficial ownership behind nominee directors and so often offshore?

Full submission here:

Loader Loading...
EAD Logo Taking too long?

Reload Reload document
| Open Open in new tab

Download [254.41 KB]

Related posts:

Default ThumbnailSelect Committee Leasehold reform inquiry launches Default ThumbnailQuestions for MPs to ask Taylor Wimpey and Long Harbour today … Now Daily Telegraph wades into the leasehold house racket Taylor Wimpey abandons the leasehold houses racket from January 1 Default ThumbnailMainstay loses prime Norwich site to right to manage

Category: Latest News, News

Sign up to the LKP newsletter

Fill in the link here

Latest Tweets

Tweets by @LKPleasehold

Mentions

Anthony Essien (34) APPG (44) ARMA (91) Benjamin Mire (32) Cladding scandal (71) Clive Betts MP (33) CMA (46) Commonhold (55) Competition and Markets Authority (42) Countryside Properties plc (33) FirstPort (55) Grenfell cladding (56) Ground rents (55) Israel Moskovitz (32) James Brokenshire MP (31) Jim Fitzpatrick (36) Jim Fitzpatrick MP (31) Justin Bates (41) Justin Madders MP (75) Katie Kendrick (40) Law Commission (61) LEASE (68) Leasehold Advisory Service (65) Leasehold houses (32) Liam Spender (39) Long Harbour (51) Lord Greenhalgh (32) Martin Boyd (87) McCarthy and Stone (43) National Leasehold Campaign (42) Persimmon (49) Peverel (61) Property tribunal (49) Retirement (38) Robert Jenrick (33) Roger Southam (47) Sajid Javid (38) Sebastian O’Kelly (67) Sir Peter Bottomley (211) Taylor Wimpey (106) Tchenguiz (33) The Guardian (33) The Times (34) Vincent Tchenguiz (45) Waking watch contracts (40)
Previous Post: « Questions for MPs to ask Taylor Wimpey and Long Harbour today …
Next Post: Tribunal tells freeholder Israel Moskovitz to drop the ‘nonsense’ to frustrate right to manage »

Reader Interactions

Comments

  1. Chris

    November 19, 2018 at 3:19 pm

    I’m shocked Mainstay want to keep the gravy train running…..I mean if you got money for nothing then you’d do the same right?

    The greed of these lot is unbelievable and the way they bought these money for nothing ground rents is disgusting.

    Leasehold is not fit for purpose and needs to go! You got greedy and woke everyone up. It’s not just ground rents the whole system is flawed and shouldn’t exist in this day and age.

  2. Canute

    November 19, 2018 at 5:07 pm

    From the way the government and Law Commission are handling this I am not holding my breath for any meaningful reform of the sector.

    It should be clear to everybody that this government doesn’t represent or have any empathy with leaseholders, quite the opposite.

    As for hidden investors, if they won’t clear things up for election funding they certainly aren’t going to for leasehold

    I’ve recently had to take my own action to remove my doubling ground rent.

    Does this solve all my leasehold problems, no of course it doesn’t, but it’s one less thing for me and my dependents to worry about.

    If I waited for meaningful reform or compensation, both of which I believe are highly appropriate to those of us who have been cynically exploited by developers, freeholders and conveyancing professionals I would almost certainly be six feet under at my age.

    In the latest round of consultation he fact that these charlatans not only seek to justify their behaviour but argue they’re a force for good sums up modern England and Wales (Scotland and NI having more civilized arrangements).

    I note that the Labour party seems to be taking the issue more seriously but there are shed loads of bridges to cross if and when they are in a position to act.

    In the meantime, I shall continue hope for the best but expect the worst, as I don’t wish further disappointment to blight my mental health.

  3. Chris

    November 19, 2018 at 6:42 pm

    Government supports corporate`s and investors institutions over the individual citizen in this country. although it is the individual who votes them into office. This is proven time again in finance particularly – pension scandals, endowments, equity release and more recently the financial crash and payday loans.
    If we get a full Brexit with a right wing nonce in charge, it will get far worse. If anyone thinks the Rees-Muggs, Boris Johnsons and Ian Duncan-Shite`s will want the end of this tyrannical, feudal nonsense of leasehold gone they are very confused. Except, we see working class families holding these types in high esteem just because of Brexit policy. Astounding.

    • Simon

      November 20, 2018 at 12:29 pm

      Don’t want to get too political Chris, but large corporate interests, big banks and unnecessary austerity caused people to vote for Brexit away from London. Mass immigration, changing communities, moving factories overseas. Some parts of Wales and North of England not recovered from loss of industry in the early 1980s, so great social and economic problems. People in these areas, Greece and south of Italy associate the EU with large corporate interests and banks, not the ordinary citizen.

  4. Simon

    November 20, 2018 at 12:21 pm

    The slave owners probably said to MPs at the time “We are giving these people food and shelter, they would not survive without us, we are kind and caring !” Defending the indefensible, same as yesterday.

  5. David Colin McArthur

    November 20, 2018 at 1:25 pm

    I have commented before that leasehold is but one of many social evils alive and well in 21st century UK, and many of these evils are greater than leasehold. In one post I said it is difficult to get really angry about leasehold because of these other (and often greater) evils.

    Chris, in his post above, summed it all up – governments are elected by the people, and then shit on the people. I am a (green) socialist by instinct, but not partisan, this Labour Party would be much more likely to act against leasehold, but in general Labour politicians are no different to Conservative politicians. Right across the political divide there are a few decent types, the rest (red and blue) are scum. Crispin Blunt, Conservative, stands out to me as a decent type, his contribution to a recent consultation was remarkable, and absolutely spot on.

Above Footer

Advising leaseholders. Avoiding disasters.
Stopping forfeiture. Exposing abuses. Urging reform.

We depend on individuals for the majority of our funding.

Support Us and Donate

LKP Managing Agents

Become an LKP Managing Agent

Common Ground
Adam Church
Blocnet property management2

Stay in Touch

To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter.
Sign Up for Newsletter

Professional Directory

The following advertisements are from firms that seek business from leaseholders.
Click on the logos for company profiles.

Barry Passmore

Footer

About LKP

  • What is LKP
  • Privacy and data

Categories

  • News
  • Cladding scandal
  • Commonhold
  • Law Commission
  • Fleecehold
  • Parliament
  • Press
  • APPG

Contact

Leasehold Knowledge Partnership
Open Data Institute
5th Floor
Kings Place
London N1 9AG

sok@leaseholdknowledge.com

Copyright © 2025 Leasehold Knowledge Partnership | All rights reserved
Leasehold Knowledge Partnership Limited (company number: 08999652) is a company limited by guarantee that is a registered charity (number: 1162584) with the Charities Commission.
LKP website is hosted at www.34sp.com
Website by Callia Web