Lepista Posted July 25, 2017 Share Posted July 25, 2017 http://www.bbc.co.uk/news/business-40711013 The next big mis-selling scandal? Quote Link to comment Share on other sites More sharing options...
winkie Posted July 25, 2017 Share Posted July 25, 2017 GOOD.....words fail me. Quote Link to comment Share on other sites More sharing options...
hi5lo5 Posted July 25, 2017 Share Posted July 25, 2017 (edited) It's all about greedy builders trying to keep control on people's life. As a first step cap the leasehold fee and bring in LVT. You will see most of these greedy bunch will loose everything. Edited July 25, 2017 by hi5lo5 Quote Link to comment Share on other sites More sharing options...
knock out johnny Posted July 25, 2017 Share Posted July 25, 2017 How the fck does a solicitor let people go ahead and buy a property with ground rent calculated with a function that returns infinite exponential growth over time beggars belief. I'd sue his @ss. Quote Link to comment Share on other sites More sharing options...
MrXxx Posted July 25, 2017 Share Posted July 25, 2017 Should have never been allowed to happen in the first place!...If a property have shared facilities OK, if not its freehold...simple for everyone to understand...even solicitors!... Quote Link to comment Share on other sites More sharing options...
anonguest Posted July 25, 2017 Share Posted July 25, 2017 38 minutes ago, knock out johnny said: How the fck does a solicitor let people go ahead and buy a property with ground rent calculated with a function that returns infinite exponential growth over time beggars belief. I'd sue his @ss. Because a solicitor is there to execute your legal requirements and not dispense financial advice? But your point is well made! Quote Link to comment Share on other sites More sharing options...
Ah-so Posted July 25, 2017 Share Posted July 25, 2017 31 minutes ago, knock out johnny said: How the fck does a solicitor let people go ahead and buy a property with ground rent calculated with a function that returns infinite exponential growth over time beggars belief. I'd sue his @ss. Because he is a solicitor, not a financial analyst. Yes, they should have twigged that these were a bit different, but was probably fooled by the low rate at the beginning and that even in 10 years, while doubling, was not that extreme. To calculate the present value of this annuity stream you would need a financial analyst and financial software. This is the weakness that the house builders exploited. They knew that buyers and solicitors would not spot it. But who is to blame and why did the builders start doing this? This is where the investment bankers and their fellow travellers come in with their bright ideas about increasing shareholder value. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 25, 2017 Share Posted July 25, 2017 http://www.rightmove.co.uk/property-for-sale/property-61000918.html £2800 fees 2900 CT £5,700 after tax to pay before you even start paying the overpriced mortgage NUTS Quote Link to comment Share on other sites More sharing options...
LivingWithTheInlaws Posted July 25, 2017 Share Posted July 25, 2017 (edited) Most people use the solicitors that were recommended to them by the house builder. Edited July 25, 2017 by LivingWithTheInlaws Quote Link to comment Share on other sites More sharing options...
please_delete Posted July 25, 2017 Share Posted July 25, 2017 13 minutes ago, LivingWithTheInlaws said: Most people use the solicitors that were recommended to them by the house builder. Indeed, sadly it is compulsory in some cases, as is use of the "recommended" mortgage broker. Quote Link to comment Share on other sites More sharing options...
doomed Posted July 25, 2017 Share Posted July 25, 2017 Quite a lot of new builds near me currently being completed at eye watering asking prices compared to local wages, all are offered as leasehold. Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted July 25, 2017 Share Posted July 25, 2017 Heard on the radio that the Home Builders' Federation (i think) said some houses need to be sold leasehold. It was only a news summary so didn't explain the reasons. Does anyone know? Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted July 25, 2017 Share Posted July 25, 2017 Javid was asked on the BBC this morning why the govt doesn't scrap leasehold altogether, as has been the case in Scotland for ages. Deflected response and headed off in a tangent. All show from this govt...but they won't do anything to hurt their building donors nor their land holding supporters. Javid is really an unscrupulous kant of a politician. Quote Link to comment Share on other sites More sharing options...
longgone Posted July 25, 2017 Share Posted July 25, 2017 8 minutes ago, Agentimmo said: Javid was asked on the BBC this morning why the govt doesn't scrap leasehold altogether, as has been the case in Scotland for ages. Deflected response and headed off in a tangent. All show from this govt...but they won't do anything to hurt their building donors nor their land holding supporters. Javid is really an unscrupulous kant of a politician. because the plebs need to be extracted from their wealth by any means possible. add in service charges and you have an extortion racket. i owned a leasehold place for 3 years, i never paid the service charge until i sold up , far better in my bank than theirs. £1200 a year for some dim wit to hoover the hallway Quote Link to comment Share on other sites More sharing options...
knock out johnny Posted July 25, 2017 Share Posted July 25, 2017 1 hour ago, anonguest said: Because a solicitor is there to execute your legal requirements and not dispense financial advice? But your point is well made! A good solicitor will flag this up - ultimately it's your decision, but there has to be some comeback on your solicitor if you end up buying an unsellable property - on R4 someone was saying their sale had fallen through as the buyer's solicitor told them they were buying a lemon I also remember reading that the conveyancers were employed by the housebuilder, which is a conflict of interest - they should be struck off Quote Link to comment Share on other sites More sharing options...
knock out johnny Posted July 25, 2017 Share Posted July 25, 2017 1 hour ago, Ah-so said: Because he is a solicitor, not a financial analyst. Yes, they should have twigged that these were a bit different, but was probably fooled by the low rate at the beginning and that even in 10 years, while doubling, was not that extreme. To calculate the present value of this annuity stream you would need a financial analyst and financial software. The maths is elementary - all you need to knowis the two times table for pity's sake Quote Link to comment Share on other sites More sharing options...
adarmo Posted July 25, 2017 Share Posted July 25, 2017 2 hours ago, knock out johnny said: How the fck does a solicitor let people go ahead and buy a property with ground rent calculated with a function that returns infinite exponential growth over time beggars belief. I'd sue his @ss. If he's disclosed this to you, and you still went ahead then it's on you. Quote Link to comment Share on other sites More sharing options...
anonguest Posted July 25, 2017 Share Posted July 25, 2017 5 minutes ago, knock out johnny said: The maths is elementary - all you need to knowis the two times table for pity's sake "two times table" Do kiddies even get taught that stuff these days? Wouldn't surprise me IF not - what with the seemingly perpetual need to invent new ways to teach basics these days. never mind that these methods worked for centuries beforehand. Quote Link to comment Share on other sites More sharing options...
knock out johnny Posted July 25, 2017 Share Posted July 25, 2017 (edited) 3 minutes ago, adarmo said: If he's disclosed this to you, and you still went ahead then it's on you. A good solicitor would explain the implications - then if you went ahead, yes, it's all your own fault I'm expecting a group action brought to the law society - that's what I'd do Edited July 25, 2017 by knock out johnny Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted July 25, 2017 Share Posted July 25, 2017 (edited) 3 hours ago, Lepista said: http://www.bbc.co.uk/news/business-40711013 The next big mis-selling scandal? About time too. They also need comeback for people who've already been conned. And not necessarily because they were too clueless to read the small print. I read about one couple who were told they could buy the FH from the developers for £Xk, couldn't afford it at the time, and when they later applied to, were told it now belonged to Ripoff & Co. who were now demanding £Xk x about 10. Edited July 25, 2017 by Mrs Bear Quote Link to comment Share on other sites More sharing options...
Lepista Posted July 25, 2017 Author Share Posted July 25, 2017 13 minutes ago, Mrs Bear said: About time too. They also need comeback for people who've already been conned. And not necessarily because they were too clueless to read the small print. I read about one couple who were told they could buy the FH from the developers for £Xk, couldn't afford it at the time, and when they later applied to, were told it now belonged to Ripoff & Co. who were now demanding £Xk x about 10. Were they also told that unicorns visit the garden every year? Quote Link to comment Share on other sites More sharing options...
PropertyMania Posted July 25, 2017 Share Posted July 25, 2017 I don't have a lot of sympathy. If we're all too lazy / ignorant / greedy to read the small print on the biggest purchase of our lives, we may as well do away with capitalism altogether. Quote Link to comment Share on other sites More sharing options...
ASBEAR Posted July 25, 2017 Share Posted July 25, 2017 1 hour ago, longgone said: http://www.rightmove.co.uk/property-for-sale/property-61000918.html £2800 fees 2900 CT £5,700 after tax to pay before you even start paying the overpriced mortgage NUTS This is very close to where I live. It is actaully horrible place to live as the bar on the ground floor is always packed with drunken loud lads and they scream laugh smoke all evening/night long. Selling the flat must be a huge scam IMHO. Quote Link to comment Share on other sites More sharing options...
Futuroid Posted July 25, 2017 Share Posted July 25, 2017 Astonishing this is still allowed for houses in England. Houses and flats in Scotland are all freehold. Quote Link to comment Share on other sites More sharing options...
adarmo Posted July 25, 2017 Share Posted July 25, 2017 1 hour ago, knock out johnny said: A good solicitor would explain the implications - then if you went ahead, yes, it's all your own fault I'm expecting a group action brought to the law society - that's what I'd do I'd sooner not face up the embarrassment of not taking responsibility for my own actions, but frankly even if you wanted to then you'd need to go after your own solicitor since the law society hasn't done anything wrong AFAICT. Quote Link to comment Share on other sites More sharing options...
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