The Financial Times has reported concerns about pensions invested by Rothesay Life in the ground rent portfolio of Vincent Tchenguiz. Rothesay Life has loans of some £1.7bn to the Tchenguiz interests, which are secured against ground rents that are paid annually by residential leaseholders. UK regulator under fire over £12bn annuity deal The UK’s Prudential […]
By Harry Scoffin 17,000 households still live in privately-owned apartment blocks with dangerous cladding similar to that used on Grenfell Tower, the FT has revealed. Citing recently released government figures, the paper reported that the costs of remediation of only 97 buildings with ACM cladding in the private sector will be met by developers or […]
LKP has accused the taxpayer-owned Royal Bank of Scotland of “kicking leaseholders when they are down” in the Financial Times. The issue concerns leaseholders facing forfeiture. This is usually avoided when lenders – whose mortgage is at risk on leases that face forfeiture – step in to settle the debt. RBS censured for tough stance […]
And I won’t invest in plc house builders on moral grounds, says columnist The Daily Mail is not happy either … A devastating attack today by Merryn Somerset Webb in the Financial Times on the toxic legacy of Help To Buy which accounted for 18% of leasehold house sales in 2017. She concludes of our […]
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 […]
The FT today reports that government hopes that speculators in residential freeholds – especially anonymous ones hidden offshore – are unlikely to pay up to remove Grenfell cladding. The article coincided with reports of Places for People, freeholder of Leeds Saxton, issuing a non-repayable loan to leaseholders and pursuing a claim against warranty provider NHBC. […]
Barclays Bank is refusing to issue loans to purchasers at Taylor Wimpey’s Chobham Manor development in the Queen Elizabeth Olympic Park in Stratford, east London, where homes fetch up to £1m. The Financial Times reports today that a subsidiary company, jointly owned by Taylor Wimpey and L&Q housing association, holds the head lease to the […]
One does not wish to be unfeeling … but you would need a heart of stone not to laugh at the misery of ground rent punter David Stevenson in the FT (given the litany of miseries faced by leaseholders in terms of ground rents, permission fees, threats of forfeiture, David and Goliath battles in the […]
The Financial Times today produces an important article urging reform to protect leasehold property owners. Now is the “perfect time for the political parties to grasp the deadly nettle of leasehold property”, says Lindsay Cook, who wrote a brilliant article on leasehold in July. Leasehold is a feudal, wasting asset with opportunities for exploitation, says […]
Another page on leasehold in the Financial Times last Saturday, and it is not good reading for the developers, freehold investors and leasehold sector hangers-on. It can be read here Merryn Somerset Webb, the newspapers investment columnist, looks at this form of tenure and blows loud raspberry. It is the kind of article that the […]
… Conveyancing Association calls for enforcement of reasonable fees, and it wants Land Registry to register ‘lease administrators’ who handle sales
… It claims there is ‘an imbalance of bargaining power between the lease administrator and the leaseholder’
… 34 per cent of estate agents say leasehold sales are a ‘nightmare’
… LKP tells the Financial Times’ FTAdvisor publication that freeholders routinely stuff sales as a cash-raising tactic
… Leasehold transactions across all UK regions have risen to 260,000 in 2015 up from 220,000 in 2011 (Source: Land Registry)
… Today 57% of all transactions in Greater London and 40% in the North West are for leasehold properties
Sales of flats are routinely seen as an opportunity to squeeze ‘extortionate’ amounts of cash out of leaseholders by freeholders, says the Conveyancing Association.
Consumers are inadequately protected as lease administrators handling sales for freeholders are not required to be part of an ombudsman scheme or come under the jurisdiction of the First Tier Tribunal of the property chamber.
The low-born woman who made the Duke of Westminster’s fortune Today’s article in the Financial Times prompts this historical footnote. The FT quite rightly highlights the Court of Appeal action of chartered surveyor James Wyatt, of Parthenia Limited, who is challenging the mathematical calculation of values in lease extensions. If he wins the case, and […]
Leasehold properties make up 43 per cent of all new-build registrations with the Land Registry for England and Wales, and 3,000 of those were for leasehold houses. That is one of the findings in the Financial Times’s three-page cover story in its FTMoney section, published this weekend. The article, written by personal finance veteran Lindsay […]
The Financial Times refers to figures on the leasehold sector supplied by LKP in its report on flooding insurance. The article was written by insurance correspondent Alistair Gray.