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topflat29

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  1. Latest news on Leasehold Reform 2021-2022 Published 23 Sept 2021. https://commonslibrary.parliament.uk/research-briefings/cbp-9236/ Historically, ground rents were set at a ‘peppercorn’ or nominal level. However, in recent years a practice has emerged of selling properties on long leases with higher ground rents at the start and shorter ground rent review periods. As a result, long leaseholders can quite quickly face onerous and unsustainable ground rents. High and escalating ground rents can make it difficult for leaseholders to sell or re-mortgage their property.
  2. The government has published a plan for growth, in which it specifically states that “levelling up means tackling these disparities”. At the same time, Johnson has insisted that “[we can’t] make the poor parts of the country richer by making the rich parts poorer”. Therefore, although levelling up is first and foremost about reducing inequality between places (“levelling”), it seeks to do this while improving outcomes in all places (“levelling up”).
  3. Most landlords are not convinced that Michael Gove is the right person to lead the newly named Department for Levelling Up, Housing and Communities, but hope he’ll treat them fairly. A new survey from online lettings company LettingaProperty.com found that just 10% of landlords agree with his appointment as Housing Minister, compared to 23% who disagree with it and 67% who are ambivalent. There is also scepticism over whether Gove will prove to be landlord-friendly; of those surveyed, just 11% feel he will, while 36% feel he won’t, and the remaining 52% are unsure. A desire to be treated fairly topped their list of priorities, followed by a desire to see Gove deal with rogue landlords, while bringing back mortgage interest relief and avoiding red tape were also uppermost in many landlords’ minds. Copied from Report by Nigel Lewis
  4. Name of MHCLG was changed to Department for Levelling Up , Housing and Communities on 21 Sept 2021.. The government made one of its most curious and ‘Orwellian’ U-turns over the weekend after renaming the Ministry of Housing, Communities and Local Government as the Department for Levelling Up, Housing and Communities. This leaves the organisation with not only the most tongue-twisting acronym in government – the DLUHC – but also sees it struck down from a ministry to a department, and its long-standing focus on housing demoted. The renaming, which was announced on Sunday, follows a previous re-naming in 2018 by Theresa May, from the Department for Communities and Local Government to the Ministry of Housing, Communities and Local Government. ( posted on negotiator website.)
  5. There is a free guide to statutory 90 years leasehold extension for flats to download from LEASE ( www.lease-advice.org ). Also there is a guide to download for cost of statutory extension. The Government Housing Minister proposes to introduce legislation to make leasehold extension cheaper next year and you can google search for announcements.
  6. Companies pay 19% corporation tax on annual profits . Mortgage Loans is usually at higher interest rate for companies but is fully allowable operating expense against the rental income. Companies required to prepare and file annual accounts to Companies House as well as submit tax return to Tax Office. Accountant charge for preparing accounts. Persons pay 20% and 40% tax on any annual rental income above the personal allowance of £12,500. Liable for capital gains tax after sale of property. Mortgage interest rates are lower than for companies. Loan interest is not an allowable expense against rental income but 20% of interest may be offset against the annual tax.
  7. Based on a few previous judgement by FTT for cost to buy the freehold title for a leasehold house under 999 year leases , is around 18 x annual ground rent. So for £2 p.a ground rent , the cost would be £36 + conveyancing costs. But I suspect they won't sell or reply. You may obtain information of previous FTT judgements from Residential Prop Tribunal Service ( Northern Region) , 1st Fl, Picaddily Exchange , Manchester M1 4AH.
  8. The Sunday Times 24 Jan 2021 carried a report about cladding problem affecting tower block on Metis ? and the flat owner was being required to pay £100K to fix the problem . Is £100K to repair more than the market value of the flat ? If every flat in the tower block has the same cost , it may be better to replace the building rather than fix the problem .
  9. If you are a small block , you can make the enquiry and see what terms the crown demands from leaseholders
  10. Copied from RICS : Guidance Notes on 1967 Leasehold Reform Act ( Notes issued Dec 2015) When originally enacted the 1967 Act applied to ‘lower’ value houses and gave tenants the right to take either an extended lease or to enfranchise (buy their freehold interest). The principle behind the basis of valuation (section 9(1)) was that the land (the site) belonged to the freeholder, and the building (the house) belonged to the tenant. Following the subsequent amendments there are five areas of valuation: • the extended lease (at a modern ground rent) • section 9(1) (no marriage value payable) • section 9(1A) (marriage value payable) • section 9(1C) (like 9(1A) with compensation) and • section 9(1AA) (vacant possession value, subject to assumptions). The Basis of Valuation : the land belonged to the freeholder and the building ( house ) belonged to the tenant. Why hasn't this "basis of valuation" applied to blocks of flats ?
  11. I was wondering if you could apply to the Magistrates Court for getting the documents signed ?
  12. Does the Land Registry record show the current holder of freehold title is the Crown ? or Bona Vacantia ? I think you have to declare yourself as one of leaseholders in the building by a letter to the crown , stating you wish to buy the freehold title and ask how much ?
  13. 1. To find name of freeholder . If you check land registry online website and buy a copy of the freehold title to download for your postcode address, Costs £3 by credit card. Avoid the fake land registry websites. 2. Free Guide to buying the freehold title for house. You can download a free guide to "buying the freehold title of a leasehold house " from LEASE ( www.lease-advice.org ) 3. To search for missing freeholder - place advert for missing person in your local paper for 3 consecutive weeks. Keep a copy of each newspapers as evidence to show to the County Court and FTT etc .
  14. When you take out a mortgage to buy a property, you have to study the rules of the mortgage company. The Council does not offer the mortgage loan. The mortgage lender will expect you to put up 10% - 20% deposit and they will lend you the other 80%-90%. 10% deposit is usually reserved for first time buyers but the interest rate charged on the loan is higher and you may be required to pay admin fee say £499 .
  15. Here is the link to gov website ( on leasehold reform ) announced on 7 Jan 2021.) : https://www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes
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