Sebastian O’Kelly, director of LKP, told the BBC R4 MoneyBox programme this morning that there was at last a chance of bringing the leasehold scandal to the door of the house builders. It the Competition and Markets Authority rules that there was mis-selling then “the goal is open” for compensation class actions by leaseholders who […]
CMA launches consumer law investigation into leasehold market This follows ongoing concerns about the fairness, clarity and presentation of some leasehold contract terms, which could lead to people being stung by costly fees over a long period or having to abide by onerous terms. The CMA’s consumer protection law investigation will examine two key areas: […]
By Harry Scoffin Six months on from rejecting calls to investigate controversial leasehold contracts, the Competition and Markets Authority has had a change of heart, launching on Thursday an inquiry into leasehold mis-selling. LKP appealed to the CMA to make this decision back in 2017. The pro-consumer body is expected to look into whether certain […]
The Competition and Markets Authority agrees that leaseholders trapped by rip-off ground rents are suffering “significant detriment”, but Brexit means it cannot help. This was the bleak message to Communities Secretary James Brokenshire last November. “Our ability to launch new discretionary work such as this is significantly affected by the near-time preparations that we must […]
Both Eric Pickles and Housing Minister Brandon Lewis gave a final “vote for us” message to leaseholders earlier this week with a resume of their achievements. In truth, they add up to very little and the only real reason not to vote against the government is because of almost no sign of life on leasehold […]
Recommendations by the Competition and Markets Authority to make right to manage applications less problematic appear to have been rejected by the government. The rebuff came the same day of the Budget speech (March 18) that said the government “will take forward CMA recommendations, and other actions agreed with the CMA, to improve the market […]
Sir Peter Bottomley intervened in the Budget debate yesterday calling for adequate resources to protect leaseholders from predatory freeholders and the managing agents that they employ. He also repeated his call for Parliament to bring in “commonhold properly” and stop perpetuating the flawed leasehold system. Sir Peter said: “I say to the Government that there […]
Seventy key figures in the leasehold sector – including some battle-scarred leaseholders – attended a packed Westminster briefing yesterday to hear how leasehold could be reformed. The meeting was hosted by MPs Sir Peter Bottomley and Jim Fitzpatrick, and chaired by Martin Boyd, of LKP. It included presentations from Phillip Rainey, QC, of Tanfield Chambers, […]
… And CMA may re-examine sector if no improvements Below is the press release of the Competition and Markets Authority, whose report into property management was released today at 11am. LKP will be providing a full analysis later. Jim Fitzpatrick, LKP patron and Labour MP for Poplar and Limehouse said: “The CMA report represents the […]
– CMA soothes leasehold managers by repeating its skimpy MORI poll findings – 25% of ARMA membership still not signed up to ARMA-Q – ARMA does NOT manage 60% of sector – How relevant are the happy leaseholders of Liverpool in disputes elsewhere? With just over two months to go before the self-regulatory code ARMA-Q comes […]
– Self-regulation (by ARHM, ARMA, RICS) has failed – Leasehold tenure itself disempowers residents and makes them vulnerable – Commonhold should be explored – Right to manage needs to be made easier for the elderly – LEASE’s ‘problematic’ role serving all sides in leasehold – CMA’s skimpy Ipsos MORI poll ‘should not be used as […]
A woman in east London had her £165,000 flat forfeited over what began as £290 owed in ground rents. The property had no mortgage, so the massive financial loss is entirely borne by her.
Why did the CMA study take place? The CMA study into residential management services partly originated in the public criticism expressed over the Office of Fair Trading investigation into the Peverel / Cirrus collusive tendering scandal. Owing to the prime minister’s response to a direct appeal by LKP, this resulted in a meeting with the […]
– lawyers want amendment to Consumer Rights Bill – last chance to contact CMA Conveyancing leasehold lawyers are demanding changes in law to stop freeholders and managing agents cashing in on sales of leasehold property. The Conveyancing Association estimates that there are £80 million in charges every year in the transactions of 300,000 flats.
The Campaign against Residential Leasehold Exploitation agenda for reform of retirement housing has been given a ringing endorsement by a report published today by AgeUK. The report, Housing in Later Life, arrives just as the Competition and Markets Authority appears to be manoeuvring to downplay concerns in retirement in its leasehold sector inquiry.
… But it wants further feedback, so let them have it! … Oh, and oldies are happier than those in non-retirement flats The Competition and Markets Authority (CMA) has today issued an update on its market study (see below) into the provision of residential property management services in England and Wales. LKP / Campaign against […]