Please Read if you are on Shared Ownership Scheme or a Leaseholder or Pay Service Charges

mkgirlchick

https://petition.parliament.uk/petitions/238071



i just need to bring this to people attention..


im dumfounded that if youre Leasehold you are just a Tennant in Law, dont believe me? the Government says so their self on their own website;

https://www.gov.uk/leasehold-property/extending-changing-or-ending-a-lease
look at the bottom where it says 'when the lease runs out'.


That means us who have bought a flat, house, or bought into the shared ownership are nothing but tennants in law- you do not Own your house or Part own your house, its all been mis-sold and mis advertised on a grand scale.
Service charges are uncapped and left for a Freeholder to profiteer off of
GR is something you pay ontop of your mortgage because in essence you do not own your home - you dont pay your GR you can get kicked out of YOUR home.


The Government needs to sort this & reform this asap!


For us on Shared who was sold a scheme as Ownership of sorts
For those who Bought a flat on Leasehold
For those who have been caught up in the Freehold/Fleecehold scandal


Please sign & join us on


https://www.facebook.com/groups/nationalleaseholdcampaign/?ref=nf_target&fref=nf



Think of it this way. if you do own your home why is it all dependant on the years left on the Lease? Why do you have to pay for a Lease extension and arguably buy the property twice? There are calls to now call this ownership Lease Rental.
https://www.propertywire.com/news/uk/industry-call-for-residential-leasehold-reform-recommendations-to-be-followed-through/


Anyone caught in this nightmare or not sure of what to do please join the facebook page, please sign the petition. All we ask is to 'Own' our house, the way it was sold to us

agrinnall

mkgirlchick wrote: »

im dumfounded that if youre Leasehold you are just a Tennant in Law...

No news there, it's always been the case, and if you have bought a leasehold property without becoming aware of it at any point then the rules of the forum forbid me saying what I think other then to say that you either have the world's worst conveyancer or you failed to understand what you were told by them.


Which isn't to say that reform isn't needed, it's very frequently discussed on this board, but almost always by people who knew what they were getting into.

HampshireH

Of course you are.

It isn't misold. A freeholder owns the property and under certains circumstances has a right to take legal action to end a lease.

All lease means the leaseholder has a temporary right for the duration of the lease.

Shared ownership does exactly what it says on the tin. Its shared. Meaning someone else has ownership and an influence.

Most leases or shared ownership agreements i have read explain this. If yours doesn't or you werent told then your solicitor hasn't done a very good job in advising you.

Cornucopia

mkgirlchick wrote: »

Service charges are uncapped and left for a Freeholder to profiteer off of

There are various protections around Service Charges, so your basic premise here is not correct.

I don't disagree that Leasehold is a second class form of occupancy, but some of the basic issues would be present whatever replaced it.

G_M

mkgirlchick wrote: »

im dumfounded that if youre Leasehold you are just a Tennant in Law, dont believe me? the Government says so their self on their own website;

That means us who have bought a flat, house, or bought into the shared ownership are nothing but tennants in law- ......

I'm dumfounded (sic) that you could have spent such a huge amount of money, and/or committed to spending it in future on rent, mortgage, whatever, without understanding what it is you were buying.

There is no revelation in this - property law in this area has not changed in 100s of years so where is the surprise?

The only changes have been various statutes over time adding rights and protections to shared owners, leaseholders, tenants etc.

That's not to say more protection would not be a good thing. Just commenting on your 'dumfoundedness'!

jimmyjammy001

Sorry but if you have brought a leasehold and do not know the difference between a leasehold and a freehold then that is your own fault, take some self responsibility. It was probably cheaper which has allowed first time buyers to buy a place of their own, but there are lots of first time buyers who have not touched them and held off buying knowing the problems which they cause. I can understand leasehold for flats, but for a house people have just been scammed which is easily avoidable had people done research in the first place. Some people have just wanted to buy a house at whatever cost and now a few years down the line are now realising what they have signed up for.

Davesnave

jimmyjammy001 wrote: »

Sorry but if you have brought a leasehold and do not know the difference between a leasehold and a freehold then that is your own fault, take some self responsibility.

I once bought a leasehold property. I did know what the term meant. I understood the difference between buying and bringing too!

I recall my ground rent was around £5 a year, but no one from the freeholder's organisation collected it, presumably because the administration would have cost more than the revenue. There was no provision for increasing the sum either, which was originally set in 1898.

The last time that tiny end-terrace sold was in 2014, when it fetched £100k more than the average house in that region of the country, so obviously the fact that it was still leasehold didn't put buyers off.

I'm sick of saying on here that not all leaseholds are the same. Yes, there are unsatisfactory modern leases and extortionate service charges on some properties, freehold as well, but it isn't a simplistic "four legs good, two legs bad" situation, so don't paint it as that, please.

James131994

I bought a share in a shared ownership house very recently and I am entirely confident I understood exactly what I was buying and had a clear plans from day 1 to staircase to 100% ownership and acquire the freehold, even looked at what solicitors fee's will be so I know what to expect in 9 years when I buy 100% (assuming I carry out my plan as expected). I don't think you have been mis-sold unless your solicitor failed to explain what you were buying. When committing to such a large purchase you should try to understand every tiny detail so you don't feel mis-sold in years to come.

eddddy

mkgirlchick wrote: »

i just need to bring this to people attention..

Judging by your previous posts, you are in a very specific situation.

You have a 'shared ownership' property with a short lease (less than 80 years?), and you need to pay for a lease extension.


Perhaps the problem is that you weren't properly advised when you bought the property - perhaps many years ago.


Or did you buy it recently, when it already had a short lease? If so, it was probably cheap to reflect the cost of a lease extension, so you wouldn't really have any cause for complaint.

csgohan4

OP it's always someone else's fault but yours isn't?




You left the lease to get to below 80 years and/or you bought cheap if the lease was under that too, so what's your problem?

mkgirlchick

Hi just to add, i was only trying to raise some kind of awareness on this matter.
No, i do not have a Lease that is low - infact ours is in excess of 90 years.
And, i am more raising awareness that perhaps in real terms / reality those on Leasehold do not own their house in the way perhaps they might think - I think someone quoted it once to me as , you never own a car you lease.
There must be something wrong with how this is advertised when it is now being advised to be called Lease-Rental.
I only mention Shared because on Governments own website "buy" is used time and time again when explaining shared ownership but how can it be buy when it says Leasehold in law is just a tennancy.
Thank you for all comments tho & i assure you all i was, was swept up in the idea of buying since the buy word was used a lot when i did shared ownership - i did not perhaps realise it wasnt a purchase of the house but a purchase of a piece of paper -