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its a contract... no rip off as the buyer knows or should know before buying. the buyer has a choice.
Go tell that to the many first time buyers and others who relied upon their solicitors to advise them on such points. Many use conveyancing companies who have no reason to point out these areas. Also many people are not fully aware or understand the full implications. Buying from large public company you would have though honesty and integrity was part of their code of conduct but turns out to be an opportunity to make extra profits at the expense of their customers. Once again this all high lights the basic principle of Britain today. Rip off everyone while you can.
yes, I agree. but landlords should know better.
Havent blamed anyone .
sorry. you didnt blame solicitor. someone else did.
Ground rents have come to the forefront after a certain house builder and many other builders were exposed in this consumer ripoff. Ground rents were always considered a peppercorn rent which could be brought and sold. This was usually by long term investors looking for income flow. However more recently it has become a major money making excise fully exploiting the people. Many people relied upon their solicitors to tell them about these rents but even solicitors failed to realize the full implication over time. All ground rents are laid out in the underlying lease with current amount and when they can be increased. Look up the recent problems with ground rents on the net plenty of information about this subject.
This entire ground rent leasehold system is a racket, should have been reformed many years ago, but it still goes on.
Your ground rent increase is quite high, read your lease, so that you are at least aware how much it’s going to go up in the future so that you can act now if you feel you won’t be able to afford it.
There is currently a leasehold reform going on, but it will probably only affect the new builds, the law cannot go back to change the system.
Very much agreed. If the HMRC and go back and change taxation retrospectively ( which they have done) why can't they do the same on ground rents. No excuse just - just a case of RIPOFF BRITAIN. Hit those who cannot fend for themselves. This is all going to end up badly. As i have said before the people will take to the streets and social unrest will hit this country like never before. Interesting to see in today's Sunday Times- "Brexit plan to evacuate the Queen". Its not Brexit -that's just an excuse- its the general feeling of ripoff and self interests of the rich and powerful that has hard working people feed up with the status quo and austerity that has not altered their circumstances for close on 10yrs now.
Freehold is a property that cannot be taken away from people and given to lessees, no matter how unfair the system is. It can be bought by the lessees for a lot of money, which will probably be made easier in the current reform but that’s all I expect.
Not talking about freeholds just ground rents. Nothing to stop legislation banning ground rents and those in existence being capped at current levels or even abolished. Just needs a will of those in PARLIAMENT to do their job for the good of all the people and not the few.