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Showing results for tags 'leasehold'.
Housebuilders must halt leasehold sale of new houses, says minister https://www.theguardian.com/money/2016/dec/20/housebuilders-must-halt-leasehold-sales-of-houses-compensation
Spotted yet another petition out there on the twittersphere: https://www.change.org/p/theresa-may-mp-abolish-leasehold-strict-regulation-for-residential-managing-agents-be-introduced This petition appears to have 2,483 signatures already, which is still not that many given the number of people stuck with ludicrous new-build leasehold houses. Perhaps it is just that too many people who own property don't understand the difference?
We bit the bullet earlier this year and made an offer on a house. The property is freehold and built about 20 years ago on a small estate. The title deeds have come through......with 14 pages of restricted covenants Although the property is registered as freehold, the developer made an arrangement with a managing agent to manage communal areas on the estate. As well as there being a caveat that the property cannot be sold without permission from the management, and the ubiquitous maintenance fees, restrictions also include such things as: - cannot park various types of vehicle on your property. (All properties on the estate have double garages) - management can enter your property without permission for various ill-defined reasons - management can post any sign they want..on your property - you must repaint your house every X years, but it must be the same colour - no modifications to your house ...and so on There is a lot now about the leasehold time-bomb, but I am wondering how many freehold time-bombs there are as well. With this amount of restriction the land is not really yours even if technically you own the freehold. Much like leasehold houses, I am forever astonished that developers are able to get away with this. Do so few people read the deeds?
Hi, I'm in the process of buying a leasehold flat - it's my first purchase. I had an offer accepted 3 months ago, but the process is being held up by the freeholder and manager (same person) who is not responding to queries. They sent some responses a month ago, but my solicitor says they were not detailed enough and he has not responded to more enquiries since then. The current landlord took control about 2 years ago. My solicitor says that according to the seller's solicitor, the freeholder doesn't seem to know the details of the building. Everything else about the property is nice, but this makes me concerned that it could be difficult to sell the place later if the freeholder does not get more organised. Also there seems to be a risk that they will not take care of maintaining the building. There has been one flat sale in the block since this person took over - it took about 3 months from listing to completion. So it is not impossible to get a sale through - but I don't know how stringent that buyer was with getting information from the landlord. The property is in good shape at the moment, but being fairly new it probably hasn't required much maintenance so far, and problems could develop over time. Being inexperienced, I don't know how serious a problem this is. Has anyone else been in a similar position of buying a fairly new flat but with a lazy/busy landlord? If you were in my position, would you feel like pulling out of the purchase? What proportion of blocks of flats have similar problems? If the landlord was not doing his job, a solution could be forming a "Right to Manage" company to take over - has anyone done this and how painful a process is it (this block has 15 flats)?