Annie Bynnol 612 #13 Posted May 4, 2019 1 hour ago, topflat29 said: The solicitor is NOT the freeholder and NOT the leaseholder. The conveyancer's role is to act for the buyer or seller , and is NOT affected by the petition. Will the number of transactions the solicitor is payed for increase or decrease? Share this post Link to post Share on other sites Share this content via...
topflat29 10 #14 Posted May 5, 2019 The Law Society requires the buyer side and seller side to have their own solicitor . So for each property sale, there will be a solicitor acting for the buyer ( & the Mortgage lender) and a different solicitor acting for the seller. Mortgage lenders offering the loan to buyer will transfer the loan to the buyer's solicitor just before the completion date. The number of transactions depends on the properties put on the market for sale and the asking price.. Share this post Link to post Share on other sites Share this content via...
Chez2 10 #15 Posted May 5, 2019 On 02/05/2019 at 17:18, Jeffrey Shaw said: The so-called petition is pointless. Leasehold is essential to enable covenant enforceability. What needs much more enforcement is the conduct of certain freehold reversioners. There is no cost-effective way for a leaseholder to control misconduct. I have owned three houses in Rotherham and one in Worksop; none of which have been leasehold but two had covenants on them, one was quite strict. Share this post Link to post Share on other sites Share this content via...
Sidonica 10 #16 Posted May 6, 2019 We bought our freehold many years ago. Signed the petition. it's a shame this isn't on the general discussions forum I only found it on here by chance. Share this post Link to post Share on other sites Share this content via...
Joseph D 0 #17 Posted May 19, 2019 I am not sure I fully understand the point... Is there a viable alternative to a leasehold? From a purely legal perspective, how would you propose to document a short-term residential occupation - as a licence? The term of most investment leaseholds is such that it barely matters where you 'own' the property or just have a 999 year lease over the property. Share this post Link to post Share on other sites Share this content via...
Jeffrey Shaw 90 #18 Posted May 27, 2019 HOUSES: there's no real reason why a new house should not be sold freehold, as long as the developer owns the freehold. FLATS: leaseholds are essential to ensure that positive covenants (e.g paying service charge etc.) stay fully enforceable. JosephD: the petition is not dealing with short-term lettings (= no purchase price/premium; market rent payable). It's aimed at 'ownership' status (= market value purchase price/premium; minimal rent payable). Share this post Link to post Share on other sites Share this content via...
topflat29 10 #19 Posted June 7, 2019 Joseph D + leaseholders of houses in Sheffield , For better understanding about owners with leasehold house problem , please visit website for leaseholdknowledge.com and see article dated 7 Jun 2019. Share this post Link to post Share on other sites Share this content via...
blackydog 40 #20 Posted June 24, 2019 Signed the petition but it hasn't reached 30k in 2 months so can't see it making the required 100k. Share this post Link to post Share on other sites Share this content via...
topflat29 10 #21 Posted June 30, 2019 (edited) Sale of new leasehold houses will be getting the chop. https://www.gov.uk/government/news/leasehold-axed-for-all-new-houses-in-move-to-place-fairness-at-heart-of-housing-market The petition has attracted around 30,000 signatures and and far short of the 100,000 signatures required by 1st Aug 2019. Edited June 30, 2019 by topflat29 Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #22 Posted June 30, 2019 On 02/05/2019 at 17:18, Jeffrey Shaw said: The so-called petition is pointless. Leasehold is essential to enable covenant enforceability. What needs much more enforcement is the conduct of certain freehold reversioners. There is no cost-effective way for a leaseholder to control misconduct. Haven't the government already declared that leasehold won't be allowed on new builds from some point soon? On 04/05/2019 at 15:57, Annie Bynnol said: Will the number of transactions the solicitor is payed for increase or decrease? So you object because it might slightly reduce the workload of conveyancing solicitors? On 19/05/2019 at 20:38, Joseph D said: I am not sure I fully understand the point... Is there a viable alternative to a leasehold? From a purely legal perspective, how would you propose to document a short-term residential occupation - as a licence? The term of most investment leaseholds is such that it barely matters where you 'own' the property or just have a 999 year lease over the property. That's not really true, modern leasehold properties have been created with leases shorter than 100 years and with clauses (for example) where the ground rent doubles every 5 years. Documenting a short term residential occupation, do you mean letting? Leasehold and short term tenancy are entirely unrelated. On 27/05/2019 at 15:44, Jeffrey Shaw said: HOUSES: there's no real reason why a new house should not be sold freehold, as long as the developer owns the freehold. FLATS: leaseholds are essential to ensure that positive covenants (e.g paying service charge etc.) stay fully enforceable. Flats are a different beast aren't they, perhaps I was mistakenly assuming that this topic was aimed specifically at houses, not flats. Share this post Link to post Share on other sites Share this content via...
Jim Hardie 527 #23 Posted June 30, 2019 2 hours ago, Cyclone said: Haven't the government already declared that leasehold won't be allowed on new builds from some point soon? So you object because it might slightly reduce the workload of conveyancing solicitors? That's not really true, modern leasehold properties have been created with leases shorter than 100 years and with clauses (for example) where the ground rent doubles every 5 years. Ground rent doubling every five years? I doubt that would be permissible. Ten years is the shortest period I've ever heard of. Share this post Link to post Share on other sites Share this content via...
Cyclone 10 #24 Posted June 30, 2019 What would make you think that there is a somehow a "permissible"? Do you think there's a law that says "doubling every 10 years is okay, but definitely no less than 10"? Share this post Link to post Share on other sites Share this content via...