The scam that is leasehold property would die out naturally if people were more informed on property matters before they bought and subsequently had nothing to do with leasehold property. The government and others in power will never tackle it properly because many of them have made their fortunes through the system. Luckily I was taught by my parents from being a teenager, in preparation for being a first time buyer, never ever have anything to do with leasehold property no matter how nice the property itself is. In effect the property is poisoned, you never own a brick, or the land, you just own the right to live in the property for a specified period. You are also subject to rising ground rents, maintenance costs, service charges and many other add ons. Those that hold the freehold get money for nothing where they can charge the leaseholder extra costs for any little thing. I don't understand why anyone would freely sign upto such a situation when I bought a 50s built semi where the freehold is held by myself and the property was only £70k to start with. Yes I have to pay for any jobs that need doing on my property but its jobs done on my own possession where a leaseholder is charged maintenance costs on something that's not even legally theirs. I would have nothing to do with new builds where there's maintenance management companies either. That's another scam. Charging people hundreds of pounds a year to a private company to cut a tiny bit of communal grass whilst still paying full council tax. People need to get themselves better educated before they buy their first property and they need to sit down and read and undersrand everything they're signing up to.
Omg. Please, please people don't fall for the scam that is using the solicitors that the developer advises to you as the potential buyer. You need someone as a potential buyer who will look after your interests and there's no conflict of interest. Say 'no, I'm going to appoint my own solicitor' .
This is very easily solved, just before the lease runs out, demolish the house or burn it. If you go scorched earth on these scumbags, i doubt it would continue for long.
Buying a property on a leasehold basis means that: a) you don’t own the property, you just own the right to occupy it for x number of years b) you agree to pay rent on the land the property sits on c) you agree to pay any charges unilaterally agreed by the management agent, who will decide how much to collect, how to spend and how much profit to make Especially with regards to point c), this is equivalent to signing a blank cheque, hand it over to a third party and then be surprised they’ve filled it out with an amount higher than expected and complain they are greedy. Why is the general public not acknowledging what leasehold really means? Yes it’s a scam but it’s been going on for years and it’s not that difficult to understand, is it?
Lease-holding is a revolting system that is indeed feudal. It's a license to print money for the leaseholder at the expense of the tenant. It should be illegal to own a property without also owning the lease. Not that any British government is likely to do anything about it, especially the Tories, to whom extorting rents from tenants of any kind is the closest thing they have to a religion!
The scam that is leasehold property would die out naturally if people were more informed on property matters before they bought and subsequently had nothing to do with leasehold property.
The government and others in power will never tackle it properly because many of them have made their fortunes through the system.
Luckily I was taught by my parents from being a teenager, in preparation for being a first time buyer, never ever have anything to do with leasehold property no matter how nice the property itself is. In effect the property is poisoned, you never own a brick, or the land, you just own the right to live in the property for a specified period. You are also subject to rising ground rents, maintenance costs, service charges and many other add ons.
Those that hold the freehold get money for nothing where they can charge the leaseholder extra costs for any little thing.
I don't understand why anyone would freely sign upto such a situation when I bought a 50s built semi where the freehold is held by myself and the property was only £70k to start with. Yes I have to pay for any jobs that need doing on my property but its jobs done on my own possession where a leaseholder is charged maintenance costs on something that's not even legally theirs.
I would have nothing to do with new builds where there's maintenance management companies either. That's another scam. Charging people hundreds of pounds a year to a private company to cut a tiny bit of communal grass whilst still paying full council tax.
People need to get themselves better educated before they buy their first property and they need to sit down and read and undersrand everything they're signing up to.
Omg. Please, please people don't fall for the scam that is using the solicitors that the developer advises to you as the potential buyer.
You need someone as a potential buyer who will look after your interests and there's no conflict of interest. Say 'no, I'm going to appoint my own solicitor' .
People are to trusting these day’s…believe nothing…& eliminate counterparty risk from everything you do.
The problem these days is people are to trusting…my mantra for life has always been eliminate counterparty risk from everything i do.
This is very easily solved, just before the lease runs out, demolish the house or burn it. If you go scorched earth on these scumbags, i doubt it would continue for long.
And get criminally prosecuted and likely to go to prison for years, especially if you commit arson.
Good grief we are still in this financial quagmire absolutely tragic.
Buying a property on a leasehold basis means that: a) you don’t own the property, you just own the right to occupy it for x number of years b) you agree to pay rent on the land the property sits on c) you agree to pay any charges unilaterally agreed by the management agent, who will decide how much to collect, how to spend and how much profit to make
Especially with regards to point c), this is equivalent to signing a blank cheque, hand it over to a third party and then be surprised they’ve filled it out with an amount higher than expected and complain they are greedy. Why is the general public not acknowledging what leasehold really means? Yes it’s a scam but it’s been going on for years and it’s not that difficult to understand, is it?
Lease-holding is a revolting system that is indeed feudal. It's a license to print money for the leaseholder at the expense of the tenant. It should be illegal to own a property without also owning the lease. Not that any British government is likely to do anything about it, especially the Tories, to whom extorting rents from tenants of any kind is the closest thing they have to a religion!