It's 2024, the fact we have to pay our feudal hedge fund managers rent for homes we own (at no doubt a vastly over-inflated value/price) is entirely ridiculous. Like everything in this country it's just another scam to make the rich more money and to punish the poor. I don't know how anyone could think this practice ethical, let alone fair.
I'd say that if that sort of money is owed, it would be better spent on exercising the right to enfranchise the freehold reversion [buy the freehold] as accorded by the Leasehold Reform Act 1967 as amended by the Commonhold and Leasehold Reform Act 2002.
This isn't exactly new ground, good people. Leaseholders have been able to free themselves of this sort of rubbish since 1967.
Is there any reason why these particular properties don't fall within the scope of this legislation?
I don't often say this, but see a solicitor. Get the feudal landlords cleared out of the way asap.
At a rough guess, I'd say that the ground landlord is just in it for a quick kill before people get wise to their rights under the legislation. Probably any of the monies required until the legal deed is done will be owing, but even of that I'm not sure. It's certainly a legal issue in the lives of the leaseholders that needs urgent attention.
My current home is leasehold and we pay £20 per annum ground rent. The company that bought the leaseholds from the original leaseholders recently offered to sell the leaseholds for if I recall correctly close on a £1000. I don't think they got many takers.
I won't buy it and like another another person who commented would refuse to pay any more unless there was a genuine justification for an extra charge. Wonder what our former Attorney General Starmer will have to say on the matter given it looks as if Gove has bowed to pressure. Starmer seems to blow one way or t'other depending on the wind.
I can only repeat my previous advice. As I originally said, I don't go advising people to spend good money on solicitors without there being. IMO, a very good reason.
Apart from any other consideration, the ground landlords might sell the freehold to the sort of outfit specified in this article. And then, where will you be?
Just looked on the Net. If you scroll past the ads, there is info about how it's done. I don't know if it can be a DIY job. I was never instructed in such a case. Good luck!
We've been in our house for nearly 12 years with ground rent of £5.50. A couple of years ago we were told someone else had taken over the collection of the ground rent and we were being charged £35 extra every year for "Annual Insurance Approval". I paid the ground rent but didn't pay the extra. I contacted the company (Fee Simple Estates) to ask what the extra charge was for and never received a response to tell me what this meant. Until they tell me, I'm not paying it. I should investigate buying the leasehold really...
I worked with a group of neighbours to buy our freehold of Coppen Estates a few years ago. It is similar to conveyancing so you need a solicitor who is used to working with Coppen. Trying to contact them yourselves is generally pointless.
On old properties with peppercorn rent the freehold is worth almost nothing (there is a formula surveyors use) our house was 100 years old, had 800 years on the lease and rent of £7. The freehold was worth about £100. The bulk of the costs were legal as you have to pay their costs as well as yours. All in we paid over £2000 and it took about 6 months.
Many leases have a clause saying you must either uses the freeholders insurance or pay a charge (ours did) hence the charge they try to levy (which is legal). If you don't pay it then they will charge you when you try and sell the house or buy the freehold (they charged us when buying the freehold). Max penalty is 7 years back payments.
We used Jeffrey Shaw at Nether Edge Law to buy our freehold many others have done the same.
We never regretted buying it...great peace of mind.
It's 2024, the fact we have to pay our feudal hedge fund managers rent for homes we own (at no doubt a vastly over-inflated value/price) is entirely ridiculous. Like everything in this country it's just another scam to make the rich more money and to punish the poor. I don't know how anyone could think this practice ethical, let alone fair.
I'd say that if that sort of money is owed, it would be better spent on exercising the right to enfranchise the freehold reversion [buy the freehold] as accorded by the Leasehold Reform Act 1967 as amended by the Commonhold and Leasehold Reform Act 2002.
This isn't exactly new ground, good people. Leaseholders have been able to free themselves of this sort of rubbish since 1967.
Is there any reason why these particular properties don't fall within the scope of this legislation?
I don't often say this, but see a solicitor. Get the feudal landlords cleared out of the way asap.
At a rough guess, I'd say that the ground landlord is just in it for a quick kill before people get wise to their rights under the legislation. Probably any of the monies required until the legal deed is done will be owing, but even of that I'm not sure. It's certainly a legal issue in the lives of the leaseholders that needs urgent attention.
My current home is leasehold and we pay £20 per annum ground rent. The company that bought the leaseholds from the original leaseholders recently offered to sell the leaseholds for if I recall correctly close on a £1000. I don't think they got many takers.
Adam, I'm not sure what, if anything, they can charge. I beg you, consult a solicitor familiar with this sort of work at your earliest convenience.
I won't buy it and like another another person who commented would refuse to pay any more unless there was a genuine justification for an extra charge. Wonder what our former Attorney General Starmer will have to say on the matter given it looks as if Gove has bowed to pressure. Starmer seems to blow one way or t'other depending on the wind.
I can only repeat my previous advice. As I originally said, I don't go advising people to spend good money on solicitors without there being. IMO, a very good reason.
Apart from any other consideration, the ground landlords might sell the freehold to the sort of outfit specified in this article. And then, where will you be?
Thanks for the advice Ruth and by the way I enjoyed the When Dan met Ruth article and it was nice to put a face to a name.
Just looked on the Net. If you scroll past the ads, there is info about how it's done. I don't know if it can be a DIY job. I was never instructed in such a case. Good luck!
We've been in our house for nearly 12 years with ground rent of £5.50. A couple of years ago we were told someone else had taken over the collection of the ground rent and we were being charged £35 extra every year for "Annual Insurance Approval". I paid the ground rent but didn't pay the extra. I contacted the company (Fee Simple Estates) to ask what the extra charge was for and never received a response to tell me what this meant. Until they tell me, I'm not paying it. I should investigate buying the leasehold really...
I dropped in on the Dreams and Realities exhibition at St Mary’s and glad I did. Interesting, thoughtful, sad, enraging.
I worked with a group of neighbours to buy our freehold of Coppen Estates a few years ago. It is similar to conveyancing so you need a solicitor who is used to working with Coppen. Trying to contact them yourselves is generally pointless.
On old properties with peppercorn rent the freehold is worth almost nothing (there is a formula surveyors use) our house was 100 years old, had 800 years on the lease and rent of £7. The freehold was worth about £100. The bulk of the costs were legal as you have to pay their costs as well as yours. All in we paid over £2000 and it took about 6 months.
Many leases have a clause saying you must either uses the freeholders insurance or pay a charge (ours did) hence the charge they try to levy (which is legal). If you don't pay it then they will charge you when you try and sell the house or buy the freehold (they charged us when buying the freehold). Max penalty is 7 years back payments.
We used Jeffrey Shaw at Nether Edge Law to buy our freehold many others have done the same.
We never regretted buying it...great peace of mind.
I used to live on Flockton and whilst it falls in the Woodhouse Council ward it is is definitely Handsworth not Woodhouse.