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    • This is a ridiculous situation.  The lender has made so many stupid errors of judgement.  I refuse to bow down and willingly 'pay' for their mistakes.  I really want to put this behind me and move on.  I can't yet. 
    • Peter McCormack says he has secured a 15-year lease on the club's Bedford ground.View the full article
    • ae - i have no funds to appoint lawyers.   My point about most caggers getting lost is simply due to so many layers of legal issues that is bound to confuse.  
    • Lenders have a legal obligation to sell the property for the best price they can get. If they feel the offer is low they won't sell it, because it's likely the borrower will say the same.   Yes.  But every interested buyer was offering within a range - based on local market sales evidence.  Shelter site says a lender is not allowed to wait for the market to improve. Why serve a dilapidations notice? If it's in the terms of the lease to maintain the property to a good standard, then serve an S146 notice instead as it's a clear breach of the lease.   The dilapidations notice was a legal first step.  Freeholders have to give time to leaseholders to remedy.  Lender lawyers advised the property was going to be sold and the new buyer would undertake the work.  Their missive came shortly before contracts were given to buyer.  The buyer lawyer and freehold lawyers were then in contact.  The issue of dilapidations remedy was discussed..  But then lender reneged.  There was a few months where neither I nor freeholders were sure what was going on.  Then suddenly demolition works started.   Before one issues a s146 one has to issue a LBA.  That is eventually what happened. ...legal battle took 3y to resolve. Again, order them to revert it as they didn't have permission to do the works, or else serve an S146 notice for breach of the lease   A s146 was served.  It took 3y but the parties came to a settlement.   (They couldn't revert as they had ripped out irreplaceable historical features). The lease has already been extended once so they have no right to another extension. It seems pretty easy to just get the lawyer to say no and stick by those terms as the law is on your side there.  That's not the case   One can ask for another extension.  In this instance the freeholders eventually agreed with a proviso for the receiver not to serve another. You wouldn't vary a lease through a lease extension.  Correct.  But receiver lawyer was an idiot.   He made so many errors.  No idea why the receiver instructed him?  He used to work for lender lawyers. I belatedly discovered he was sacked for dishonesty and fined a huge sum by the sra  (though kept his licence).  He eventually joined another firm and the receiver bizarrely chose him to handle the extension.  Again he messed up - which is why the matter still hasn't been properly concluded.   In reality, its quite clear the lender/ receiver were just trying to overwhelm me (as trustee and leaseholder) with work (and costs) due to so many legal  issues.  Also they tried to twist things (as lawyers sometimes do).  They tried to create a situation where the freeholders would get a wasted costs order - the intent was to bankrupt the freeholders so they could grab the fh that way.   That didn't happen.  They are still trying though.  They owe the freeholders legal costs (s60) and are refusing to pay.  They are trying to get the freeholders to refer the matter to the tribunal - simply to incur more costs (the freeholders don't want and cant's afford to incur)  Enfranchisement isn't something that can be "voided", it's in the Leasehold Reform Act 1967 that leaseholders have the right to.... The property does not qualify under 67 Act.  Their notice was invalid and voided. B petition was struck out. So this is dealt with then.  That action was dealt with yes.   But they then issued a new claim out of a different random court - which I'm still dealing with alone.  This is where I have issues with my old lawyer. He failed to read important legal docs  (which I kept emailing and asking if he was dealing with) and  also didn't deal with something crucial I pointed out.  This lawyer had the lender in a corner and he did not act. Evidence shows lender and receiver strategy had been ....  Redact and scan said evidence up for others to look at?   I could.  But the evidence is clear cut.  Receiver email to lender and lender lawyer: "our strategy for many months  has been for ceo to get the property".  A lender is not allowed to influence the receivership.   They clearly were.  And the law firm were complicit.  The same firm representing the lender and the ceo in his personal capacity - conflict of interest?   I  also have evidence of the lender trying to pay a buyer to walk.  I was never supposed to know about this.  But I was given copies of messages from the receiver "I need to see you face to face, these things are best not put in writing".  No need to divulge all here.  But in hindsight it's clear the lender/ receiver tried - via 2 meetings - to get rid of this buyer (pay large £s) to clear the path for the ceo.   One thing I need to clarify - if a receiver tells a lender to do - or not to do - something should the lender comply? 
    • Why ask for advice if you think it's too complex for the forum members to understand? You'd be better engaging a lawyer. Make sure he has understood all the implications. Stick with his advice. If it doesn't conform to your preconceived opinion then pause and consider whether maybe he's right.
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Understanding my Pension Statement


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Good morning. Firstly, sorry about this post being crammed into one paragraph! I can't seem to edit it to how I'd like to present it.

 

I have a couple of questions as I'd like to be pre-armed with a tiny bit of knowledge before contacting the pension provider/financial adviser.

 

I have a pension plan with Zurich, which was formerly with Allied Dunbar, which I haven't contributed to for many years. Firstly, should I be concerned that a Financical Adviser company has written to me (last year) to inform me they have taken over from Zurich Assurance Ltd in handling my pension?

 

The statement is on Zurich letterhead with the new company's details on the right hand side. But, the main reason for the post is to just understand the basics of what the statement is telling me. It's showing two parts: EXCLUDING FORMER PROTECTED RIGHTS BENEFITS = Total Current Value of £6,301 FORMER PROTECTED RIGHTS BENEFITS ONLY = Total Current Value of £71,365

 

My questions are: Does my pension 'pot' literally consist of these two combined? When I reach the age of 55 next August will I be able to access the full amount? It's a small pot, therefore of course, I don't consider this is going to be providing me with a regular income at retirement - therefore the likelihood is that I'll take the 25% tax free amount and then go with one of the options available for the remaining.

 

Hope that makes sense and thanks in advance for any replies. Stuarto.

Edited by honeybee13
Paras.

Bank Charges:

First Direct: £250 settled at Prelim stage 3.4.07. :-)

Intelligent Finance: £798 settled at Prelim stage 1.6.07. :-)

Woolwich: £1178 settled at Prelim stage 20.7.07. :-)

 

PPI:

Barclaycard: £1103.67 settled at S.O.C. stage 2.8.11. :-)

Credit Card Charges:

Barclaycard: £926.38 settled at S.O.C. stage 4.8.11 :-)

 

Thanks CAG and all those who've helped me on the forums.

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You need to raise any questions like these with Zurich and get the information in writing.

 

I think you need it from the horses mouth, rather than an online forum. If you don't understand a pension scheme, you need the company doing the pension admin to explain about your rights.

 

I thought the Government were going to stop people aged 55 or over withdrawing all of the available pension pot money. Again a reason for Zurich confirming your rights, if you wanted to access the funds next year.

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basically a pension is divided into 2 bits because you have opted out of the govt SERPS whilst it was active. What your pension is worth is the 2 amounts combined. Before you make any decisions on moving your money you need certain information such as what are the current management fees- the maximum under current rules is less than 1% but older schemes will have much higher fees so that can make it worthwhile moving the money elsewhere anyway. Secondly what is the cash in value as some schemes have a big penalty of what they like to call "market rate adjustment". Again, on newer schemes they just have a buy/sell price on the units in the scheme so it is easier to calculate what the real cash value is. The older scheme may take a massive slace for their supposed adjustment. It theoretically pays for the sudden selling of all of your shares held in trust at a loss but in reality they just take a massive cash slice to punish you. Thirdly you will want to know if you can take the whole sum as cash, a partial settlement to ease the tax liability and whether you can transfer part of it out to another scheme.

They may force you to see a financial advisor who will charge you £2k to do nothing useful if you actually want the cash.

Theoretically though you can take the whole lot as cash. You cannot take 25% of the pot tax free and leave the rest where it is, the tax free bit is a portion of the amount you take out of the scheme so if you withdraw £50k you get the first £12.5k tax free and the rest is treated as income for the tax year so will bump you into the higher tax bracket. Take out £20k and you get £5k tax free and then pay your normal tax rate on the remainder so 20% for most people

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