Martin Paine £8,000 a year ground rent scandal

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Sebastian O’Kelly
Martin Boyd
sok@leaseholdknowledge.com
martin.boyd@leaseholdknowledge.com

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Guardian sticks with new-build ground rent scandal, while LKP advises Persimmon home buyers to walk away

By Sebastian O’Kelly (This article is bylined in order to declare an interest as the author is a shareholder in Persimmon and Barratt) If Taylor Wimpey, Persimmon, Bellway and other developers playing the angles of leasehold thought the row over cheating ground rents would go away, they must be disabused by now. Today The Guardian […]

Justin Madders: this could be called the Leasehold Emancipation Bill

‘Amount for a leaseholder to purchase their freehold would be capped at no more than 10 times the annual ground rent’ ‘I have never been given a satisfactory answer by a developer as to exactly what ground rent pays for, other than to provide an additional cash cow for the builder and a revenue stream […]

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Dear Pete Redfern … Taylor Wimpey cheated us: what are you doing about it?

Taylor Wimpey CEO Pete Redfern was deluged with emails this morning from desperate owners of leasehold houses. The initiative was organised by the Facebook group National Leasehold Campaign of leasehold house owners. The correspondence was copied in to Sajid Javid, Secretary of State at the DCLG, and housing minister Gavin Barwell. Many emails were also […]

Englishman’s home isn’t a castle: it’s a revenue stream for an offshore company thanks to national housebuilders, Justin Madders tells the Commons

Justin Madders MP makes devastating intervention into the ground rent scandal Government needs to act against this “worst excess of capitalism” Select committee needs to question the housebuilders Taylor Wimpey and others must say how many ex-customers own unsellable, toxic leases Developer-recommended solicitors need to explain the advice they gave buyers Justin Madders MP made […]

Telegraph reports ‘marketing cobblers’ of 999-year ‘virtual freeholds’ with lethal ground rents

The Daily Telegraph website has reported the issue of eye-watering ground rent multiples sold to homebyers by mainstream developers. Louie Burns, of Leasehold Solutions, offered the example of flats in Islington, north London, where grounds rents starting at £250 per year per flat would grow over the term of the 999-year lease to… £68,719,476,736,000. Mr […]

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Pull the other one, Vincent! Leasehold reform hasn’t stuffed Fairhold. It was downgraded in 2015 …

In today’s Financial Times interview, Vincent Tchenguiz says the sale of his Fairhold Securitisation Limited has collapsed because of buyers’ concerns over government reforms to leasehold. Vincent Tchenguiz pushes back on UK leasehold reform Property tycoon Vincent Tchenguiz is lobbying against proposed changes to the leasehold system that his company says threaten “unintended detrimental […]

Leaseholders in local authority and housing association blocks will have Grenfell cladding bill paid by government

The Ministry of Housing, Communities and Local Government has provided the following answer to your written parliamentary question (145263): Question: To ask the Secretary of State for Housing, Communities and Local Government, with reference to his Department’s press release, Government announces it will fully fund unsafe cladding removal in social housing, published on 16 May […]

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Tower Hamlets Homes spends thousands to thwart recognised tenants’ association

Tower Hamlets Homes is spending thousands of pounds of taxpayers money on lawyers to thwart private leaseholders from forming a recognised tenants’ association. This is the sort of manoeuvre adopted by some of London’s most secretive and well resourced landlords, not the housing branch of a local authority. The only serious power a recognised tenants’ […]

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Martin Paine £8,000 a year ground rent scandal

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