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The joys of leasehold life

Covering Market, Trends, and Practical (but see LEMON-AID for Building & DIY)
Clitheroekid
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The joys of leasehold life

#396709

Postby Clitheroekid » March 18th, 2021, 11:49 am

A vivid warning of the potential hazards of buying a flat from a developer who is perhaps less than exemplary - https://www.irishtimes.com/business/con ... -1.4509830

UncleEbenezer
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Re: The joys of leasehold life

#406132

Postby UncleEbenezer » April 22nd, 2021, 1:02 pm

Never mind buying from a developer, a flat whose freehold is in the hands of Mafia interests could be a whole lot worse. Only ever buy leasehold if you're sure the freeholder's interests are aligned with yours, or perhaps if it's leasehold-in-name-only with peppercorn rent and no service charge.

Back in the '80s, the then-government tried to legislate against this sort of thing. Of course the mafia interests ensured the legislation was scuppered with loopholes for them to avoid any real impact. But it did drive many freeholders including legitimate developers to sell up ahead of the legislation giving leaseholders a "right of first refusal", and of course the buyers back then were indeed the mafia.

mc2fool
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Re: The joys of leasehold life

#406209

Postby mc2fool » April 22nd, 2021, 4:02 pm

Clitheroekid wrote:A vivid warning of the potential hazards of buying a flat from a developer who is perhaps less than exemplary - https://www.irishtimes.com/business/con ... -1.4509830

You'd have thought that at least some of the residents in such luxury flats would be aware of Collective Enfranchisement and/or the Right to Manage....

AF62
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Re: The joys of leasehold life

#406505

Postby AF62 » April 23rd, 2021, 3:58 pm

mc2fool wrote:
Clitheroekid wrote:A vivid warning of the potential hazards of buying a flat from a developer who is perhaps less than exemplary - https://www.irishtimes.com/business/con ... -1.4509830

You'd have thought that at least some of the residents in such luxury flats would be aware of Collective Enfranchisement and/or the Right to Manage....


I am not sure the majority of owners of new build luxury London flats [Deletion] are that bothered about the service charges.

Mostly they seem to leave them empty as a cash store of increasing value - or at least most of the £2 to £5m flats my London office overlooked were for some years after completion of the building.
Moderator Message:
Allegation removed for legal reasons. - Chris
Last edited by csearle on April 23rd, 2021, 4:36 pm, edited 1 time in total.
Reason: Allegation removed


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