Petition to abolish leaseholds.

[Annie Bynnol 610]

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?

 

[topflat29 10]

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..

[Chez2 10]

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. 

[Sidonica 10]

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.

[Joseph D 0]

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. 

[Jeffrey Shaw 88]

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).

[topflat29 10]

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.

[blackydog 40]

Signed the petition but it hasn't reached 30k in 2 months so can't see it making the required 100k.

[topflat29 10]

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

[Cyclone 10]

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.

[Jim Hardie 517]

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.

[Cyclone 10]

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"?