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Wallace Estates Limited / Simarc Property Management
London28UK
Posts: 36 Forumite
Hello All
My friends are looking to buy and house, its a leasehold property but I have found the Freehold is owned by Wallace Estates Ltd. I have read in these forums that this firm, who's profits last year is over £7 Million pounds (I checked on the Company's House website) uses firms such as Simarc Property Management to collect ground rents. It seems a common problem that firms like Simarc, then make inflated charges if people miss a ground rent payment date by a few days. Another post I saw showed someone wanting to increase their lease from 75 years to 100 years would then have their ground rent changed from £75 a year to £275 a year ! Reading this makes we worried for my friends buying a house with the freehold owned by Wallace Estates and Managing Agents Simarc collecting money on their behalf. Any advice is much appreciated. Thanks.
My friends are looking to buy and house, its a leasehold property but I have found the Freehold is owned by Wallace Estates Ltd. I have read in these forums that this firm, who's profits last year is over £7 Million pounds (I checked on the Company's House website) uses firms such as Simarc Property Management to collect ground rents. It seems a common problem that firms like Simarc, then make inflated charges if people miss a ground rent payment date by a few days. Another post I saw showed someone wanting to increase their lease from 75 years to 100 years would then have their ground rent changed from £75 a year to £275 a year ! Reading this makes we worried for my friends buying a house with the freehold owned by Wallace Estates and Managing Agents Simarc collecting money on their behalf. Any advice is much appreciated. Thanks.
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Comments
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I've heard there's a facebook page for the National Leasehold Campaign where Simarc is discussed. It may be worth looking that up.0
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