Adam Schmidt, who inherited a retirement flat at Felbridge Court in Feltham, has written to the Sunday Times and to Carlex about his frustrations at the raft of fees payable when the flat is sold.
He has written to 10 MPs, the ARHM, ARMA, FPRA, OFT, the Leasehold Advisory Service, Carlex and 10 local MPs.
Capital values at Felbridge Court have fallen by 20 per cent since 2008, he believes.
“Apart from Carlex I haven’t really received very much useful feedback, mostly replies telling me that I should seek legal advice,” Mr Schmidt writes. “From 10 local MPs I have received only 1 reply.”
We would recommend all sellers facing onerous – hopefully challengeable – fees to contact us firstname.lastname@example.org,
The Competition and Markets Authority, which is inquiring into leasehold management: email@example.com
And the housing minister: firstname.lastname@example.org
It is also important to contact the
I would kindly like to make you aware of the scandalous exit-and contingency fees upon selling retirement leasehold properties of the Tchenguiz Family Trust. This is plainly not FAIR as no service is being rendered.
The OFT (Office Of Fair Trading) has not done enough in their efforts and I consider it time for the government to stop this type of business model which is exploiting many old-age persons trying to sell their retirement homes.
Further below is a list of fees that Estates & Management Ltd (who are part of the freeholding side of the Tchenguiz business and act on behalf of Fairhold Homes (No 2) Ltd.) charge upon selling retirement leasehold properties.
I am experiencing much difficulty in selling my deceased mother’s flat as buyers are clearly being put off by the above mentioned fees along with several other dubious fees. Extremely long delays during conveyancing caused by Estates & Management Ltd not answering solicitor’s letters etc have at times brought proceedings to an absolute halt.
On every sale a Transfer fee of 1% of the lower of the price you pay when buying the property or the price to be received on sale/assignment; or
On each sub-let by way of an assured shorthold tenancy of the property, a Transfer Fee of £85.00. If the sub-let continues beyond its fixed term period, or is for a fixed term period of more than one year, a further Transfer Fee of £85.00 will be payable.
A Contingency Fee is also payable on any sale or sub-let of the flat which is paid into the Contingency Fund. The level of the Contingency Fee may vary but the typical amount is 1% of the sale price or the value of the flat.
Notice of Transfer and/or Charge:
Standard fee for processing, receipting and returning the Notice of Transfer and/or Mortgage is £99,75 per notice.
Deed of Covenant
The Deed of Covenant Information Sheet must be completed and returned along with a fee of £95.00.
Grant of Probate Fee:
Fee for dealing with the Grant of Probate is £45.00
Administration fee for dealing with General Leasehold Enquiries including confirmation of ground rent/rent charge is £135.00
Receipt fees: Receipt for the payment of ground rent: £60.00
Information Pack Fee: £99.00
I kindly ask you to look into the above matter and to act accordingly.