Any doubt as to the incentive to sustain leasehold over commonhold is perfectly summarised in an innocent Savills Spotlight Research report in May 2012 titled Spotlight Ground Rents Spring 2012 headlined “Ground rents are set to become an attractive investment in a growing market”. Three quotes are of particular note: Continue reading “Ground Rent”
Before discussing reserve funds, here are some extracts from the RICs Code 3rd edition:
“The intention of a reserve fund is to spread the costs of ‘use and occupation’ as evenly as possible throughout the life of the lease to prevent penalising leaseholders who happen to be in occupation at a particular moment when major expenditure occurs…”
“It is, therefore, considered good practice to hold reserve funds where the leases permit….” Continue reading “Reserve Funds”
Standard advice is to appoint an agent. The logic is, er, logical.
The lease very likely allows collecting for the cost of a managing agent but silent or vague on whether the RTMC could collect for its costs if self-managing. Continue reading “The Managing Agent”
Tip: “£” is pronounced “F”.
The worst that can be said about the Great English £Leasehold Scandal is that it is perfectly legal.
The second worse thing to say is there’s nothing new to say to expose the £leasehold Scandal. This is not some furtive, unseen exploitation or consumer rip-off. This is open, deliberate, well understood and backed by English law and the courts, and huge in its scope for £££. Continue reading “Introducing the £leasehold scandal…”