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 […]
A very good Daily Mail story today revealing that last November Communities Secretary James Brokenshire was demanding inquiries into 100,000 buyers trapped in new toxic leases. So, no reason not to get on with banning leasehold houses – the easy bit – and reducing new ground rents to zero: which private equity speculators and […]
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.
– Only 131 retirement leaseholders quizzed – 17 leaseholders ONLY discussed Property Tribunal – MORI has to correct criticism of LKP leasehold figures (which are accepted by DCLG) – BUT poll does confirm that there is more contentment when leaseholder manage their sites in an RTM or RMC compared with those that are freeholder-controlled Alarm […]
The influential BBC Radio 4 programme You and Yours yesterday featured retirement leasehold. This is an area of “most concern” according to Douglas Cooper, of the Office of Fair Trading, which is carrying out an inquiry into leasehold management. The programme can be heard here and the item begins 46 minutes into the programme.