April 23, 2017

Victoria Derbyshire told ‘we must end cheating speculators in leasehold housing’

Shady speculators in UK property assets including residential freeholds were raised on the BBC TV’s Victoria Derbyshire show yesterday.  It can be viewed here at 1:44 Sebastian O’Kelly, of LKP, said in an interview: “We are told that residential freeholds are bought by pension funds and that it pays for your and my pensions. “Absolute […]

Labour to cap ‘legalised extortion’ of ground rents and end leasehold houses

… Opposition and government now compete to reform leasehold The four-year campaign of the Leasehold Knowledge Partnership to reform leasehold has taken a surge forward this week. Today Labour said that it will cap charges that leaseholders pay in ground rents, and set out a plan to end leasehold houses in new developments. Meanwhile, government […]

BBC One Show warnings over retirement housing’s ‘sting in the tail’

The BBC One Show on prime time telly featured retirement housing earlier this week (November 22). It can be viewed here at 2.09 minutes The presenters warned that retirement housing can come with a “financial sting in the tail that can hit families at the worst possible time”. Sebastian O’Kelly, of Carlex / LKP, which […]

Disgraceful leasehold houses reported in The Guardian today

– Urgent issue for MPs of parliamentary group on leasehold next month – Onerous lease terms in taxpayer-aided Help To Buy scheme – Ground rents doubling every 10 years from plc housebuilder The disgraceful and increasingly widespread scandal of plc housebuilders selling leasehold houses is reported in The Guardian today. It can be read here The […]

The Guardian reports the £8,000 a year ground rents at Blythe Court

The Guardian newspaper has today reported the Blythe Court ground rent scandal that has left leaseholders with bills of up to £8,000 a year. In 95 years the ground rents can reach £8 million a year for a one-bedroom flat bought for £58,000, says the article, written by Guardian staff reporter Rupert Jones. It quotes […]

Private Eye reports challenge to ‘scandal’ of lease extension values

Private Eye today published reports of the legal challenge to the “scandal” of lease extension valuations mounted by chartered surveyor James Wyatt. Wyatt, a former head of valuations at John D Wood, is urging the adoption of a more mathematically robust method to value short leases: that is leasehold properties, usually flats, that have less […]

The Times: ‘Exit fees and poor resale values: the uncomfortable truth about retirement homes’

The Times today (September 10 2016) reports the research by Carlex into re-sale values recorded on the Land Registry for retirement properties. The article, headed “Exit fees and poor resale values: the uncomfortable truth about retirement homes”, quotes Carlex / LKP patron Sir Peter Bottomley, who earlier this week established the All Party Parliamentary Group […]

Methodist Housing Association flat falls 40% on re-sale, says BBC Radio 4’s You and Yours

… So about average for our dismal retirement housing market BBC Radio 4’s You and Yours programme featured retirement housing this afternoon in an item on the Methodist Housing Association. It can be heard here at 08:09. Penelope Garnham’s mother, who died in February 2012 aged 96, paid £125,000 in 2007 for a flat in Rowanberries […]

To stop being pushed around, go for right to manage or buy the freehold, says Mail on Sunday

The Mail on Sunday personal finance section went over the issue of leaseholders exercising right to manage and buying the freehold yesterday. The article can be read here It referenced the LEASE survey that found that 57 per cent of leaseholders regretted buying their property. This is a figure quite unprecedented in other jurisdictions where […]

Leasehold sales are bedevilled by ‘extortionate’ charges and game-playing, says the Conveyancing Association

… 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 […]

Leasehold is a feudal, wasting asset with opportunities for exploitation, says the Financial Times in a devastating article

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 […]

Average non-retirement service charges are £1,863, but rise to £2,777 for new builds

The average annual property service charge in Britain is £1,863The service charges for new builds are 96 per cent higher than older properties and average £2,777 Ground rents are on average £371 a year for new build and £327 for pre-2016 properties. A third (33 per cent) of management companies have increased service charges in […]