Reclaiming 22 years of overcharged rent

Jax2020

We have discovered the freeholder of our shared ownership home has been overcharging our rent for 22 years! They accept they have wrongly calculated our rent because they had no knowledge of our Lease! We cannot corroborate the figures they have calculated we are owed, but even if we take them on trust (trust is running a little low atm), no one seems to be able to advise us on what interest should be applicable to this debt. We took a punt and asked for 8% statutory interest. After initially saying they'll be adding none, they have now offered 2% with £100 compensation final offer/take us to the Housing Ombudsman if you don't like it. Looking at Bank of England base rates over the last 22 years, 2% pa still leaves us at a loss. What interest we should push for? What action could/should we take in regards to the breach of our Lease Agreement? 

jonesMUFCforever

What are the figures?
If you are in deadlock go to the Ombudsman - they will have to provide an accurate breakdown. However they may decide not to award you any more money than is on offer now and it will take a long time to settle.

Voyager2002

Statutory interest (8 per cent) is reasonable, but you could consider linking to inflation (RPI) so that you get back a sum with the same purchasing power as the money wrongly charged at the time you paid it.

tacpot12

I think you are close to a reasonable figure - ask them to make it 3% pa so you can settle and get all the money back. 

Jax2020

jonesMUFCforever said:

What are the figures?
If you are in deadlock go to the Ombudsman - they will have to provide an accurate breakdown. However they may decide not to award you any more money than is on offer now and it will take a long time to settle.

£13 545 in total over the 22 years. £3670 interest at 2%. If my math is right using Bank of England base rates for each year the interest should be at least £6191.

Jax2020

Voyager2002 said:

Statutory interest (8 per cent) is reasonable, but you could consider linking to inflation (RPI) so that you get back a sum with the same purchasing power as the money wrongly charged at the time you paid it.

Forgive my ignorance, but how would I do this? Figures owed started accruing at £13.43 for 48 weeks 1998/1999 and then various small figures ever since then.