Concerned about venerable man with less than 50 years on his lease

sammyjammy

eddddy said:

You might well find that they are equally confused about how buildings insurance, contents insurance, car insurance, mortgages, pensions, PAYE, National Insurance, leasehold service charges, estate agents contracts, conveyancing, home computers, the internet, UK law and their car's engine all work.

Judging by the posts on these forums, just as many people are confused about those things as they are about leasehold issues.

The government is trying to help with things like free advice services, ombudsmen, regulators, regulations, legislation, tribunals  etc (For example, there's a big pile of legislation to protect leaseholders, plus there's the Leasehold Advisory Service, Tribunals, etc.)

It all adds up to a very complex problem.

IMO its not confusion its ignorance. I don't mean that in a nasty way but people don't take the trouble to read and or understand what they are signing up to.  Same with endowments, nothing wrong with it, perfectly reasonable way to pay off your mortgage in the right circumstances but "people" cancel the endowment payment and then are up in arms/incredulous when the mortgage company come looking for their money after 25 years.

csgohan4

sammyjammy said:

eddddy said:

You might well find that they are equally confused about how buildings insurance, contents insurance, car insurance, mortgages, pensions, PAYE, National Insurance, leasehold service charges, estate agents contracts, conveyancing, home computers, the internet, UK law and their car's engine all work.

Judging by the posts on these forums, just as many people are confused about those things as they are about leasehold issues.

The government is trying to help with things like free advice services, ombudsmen, regulators, regulations, legislation, tribunals  etc (For example, there's a big pile of legislation to protect leaseholders, plus there's the Leasehold Advisory Service, Tribunals, etc.)

It all adds up to a very complex problem.

IMO its not confusion its ignorance. I don't mean that in a nasty way but people don't take the trouble to read and or understand what they are signing up to.  Same with endowments, nothing wrong with it, perfectly reasonable way to pay off your mortgage in the right circumstances but "people" cancel the endowment payment and then are up in arms/incredulous when the mortgage company come looking for their money after 25 years.

Dont forget the missold misbought interest only  and self declaration mortgages

Some People know they should, but they dont research and read the T+C Before committing 100's of thousands of pounds, is just silly to put  it mildly.

Then cry foul when something goes wrong through their own making and wanting to blame someone is typical culture here. an example below:
https://forums.moneysavingexpert.com/discussion/6273447/can-i-loan-my-child-money/p1

JackSprout

I appear to have upset a particular set of the society, as I said I am sorry I did not mean to be rude, I was simply trying to say as you get older you degenerate, not every one does but some do, it kind of goes hand in hand with getting on. I will qualify that by saying that one of my neighbours is 103 and I would not call her vulnerable ok! She has her head screwed on tight. Also there is a lot to be said for people taking on properties with leaseholds and part ownership and bloody endowments and all sort of other complex routes to home ownership etc, but that's what good looked like at the time, and probably made it possible for them, I just think as a society we should if we can point out to those of us in our communities that don't care or have the capacity to investigate there current financial state to consider the future, to help them if we can, with the words like "wow your leasehold is coming up to 80 years maybe you should talk to a solicitor about that", and elaborate stating your not an expert but...! Or we could just throw them to the wolves I suppose..