Ground rent woes

[Deleted User]

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TripleH

Op, did you use your own conveyancer or the developer recommended one?

We ended a flat purchase this year because out conveyancer was picking upon the 2 issues highlighted above.

The developer said they would change the lease to everyone who bought but our conveyancer wanted it done before exchange as there were no guarantees after. I believe those who did buy used the developer recommended advisors and don't think the leasehold was changed.

AdrianC

[DELETED USER] said:

AdrianC said:

Meph79 said:

Would say though that obviously the CMA disagree else there wouldn’t now be a ‘scandal’ around these type of terms.

Most of the issue is around very short doublers - around 10yrs.

25yr doublers work out to around the typical rate of inflation, less if you take into account the total paid.
Your 20yr doubler is a bit shorter than that, but not much.

It doesn't really work that way in people's minds though, even if logically 25 years should be okay many people will simply not buy a property with anything like that on it.

A lot of people are irrational, and don't consider actual facts and reality, you're right.

Housing is the least of it currently.

NameUnavailable

I don't think most of the regular contributors to these forums realise just how clueless most people are to what things like leases and ground rent or maintenance charges actually mean and the implications they bring.

It's often a real surprise when you tell people they don't actually own their leasehold property. Quite what they thought a 90 year lease meant when they were buying, I don't know!

AdrianC

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

NameUnavailable

AdrianC said:

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

They own the actual property? Really?

They own a lease which gives them the right to live there for X years (subject to the terms of said lease).

Care to explain what you mean in case I misunderstood?

AdrianC

NameUnavailable said:

AdrianC said:

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

They own the actual property? Really?

They own a lease which gives them the right to live there for X years (subject to the terms of said lease).

Care to explain what you mean in case I misunderstood?

Exactly that...

They own the lease to the property. That's what a leasehold property is, and that's what they own.

If they've got all the way through the months of purchasing without understanding what a "leasehold property" is, and what the difference is with a freehold, they've really got nobody to blame but themselves.

NameUnavailable

AdrianC said:

NameUnavailable said:

AdrianC said:

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

They own the actual property? Really?

They own a lease which gives them the right to live there for X years (subject to the terms of said lease).

Care to explain what you mean in case I misunderstood?

Exactly that...

They own the lease to the property. That's what a leasehold property is, and that's what they own.

If they've got all the way through the months of purchasing without understanding what a "leasehold property" is, and what the difference is with a freehold, they've really got nobody to blame but themselves.

So I'm glad you agree with me, they own the lease NOT the property.

As I said, you would probably be surprised at how many people don't understand exactly what they are buying, and your previous comment 'except they do' only goes to show why they would be confused.

AdrianC

NameUnavailable said:

AdrianC said:

NameUnavailable said:

Care to explain what you mean in case I misunderstood?

Exactly that...

They own the lease to the property. That's what a leasehold property is, and that's what they own.

If they've got all the way through the months of purchasing without understanding what a "leasehold property" is, and what the difference is with a freehold, they've really got nobody to blame but themselves.

So I'm glad you agree with me, they own the lease NOT the property.

Except they do own the property. They own it leasehold. They own the lease.

Telling people they "do not own" a leasehold property is simply deliberately misleading them to try to make some kind of political point. It could even be called scaremongering.

By all means explain the difference between leasehold and freehold, as their solicitor should have done if he was doing his job properly. Or as they should have discovered for themselves if they were doing their own basic research. But don't say that they don't own anything - because it's simply not true.

As I said, you would probably be surprised at how many people don't understand exactly what they are buying

On that we agree.

and your previous comment 'except they do' only goes to show why they would be confused.

So perhaps you should stop trying to confuse them...?

That was in reply to you telling people that they do not own their leasehold property.

They do own the leasehold property. They own the lease over the property. That's what leasehold is.
They do not own a freehold property...

AdrianC said:

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

user1977

NameUnavailable said:

AdrianC said:

NameUnavailable said:

AdrianC said:

NameUnavailable said:

It's often a real surprise when you tell people they don't actually own their leasehold property.

Except they do.

They own the actual property? Really?

They own a lease which gives them the right to live there for X years (subject to the terms of said lease).

Care to explain what you mean in case I misunderstood?

Exactly that...

They own the lease to the property. That's what a leasehold property is, and that's what they own.

If they've got all the way through the months of purchasing without understanding what a "leasehold property" is, and what the difference is with a freehold, they've really got nobody to blame but themselves.

So I'm glad you agree with me, they own the lease NOT the property.

As I said, you would probably be surprised at how many people don't understand exactly what they are buying, and your previous comment 'except they do' only goes to show why they would be confused.

The property rights they own are the leasehold. It is accurate to say that they own the leasehold property.