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My daughter bought a new flat, made by Barratt homes about 18 months ago. Last week she had a letter from some solicitors called FS Legal about a "Leasehold Action Group for your Development", essentially warning her of the potential problem of a ground rent clause which may make life difficult in the future.

 

I have the agreement but can't work out if she has a problem or not. Does anyone know what to look for? who could point me in the right direction?

 

Many thanks.

 

Regards to all.

 

Fred


Before you criticise another man you should first walk a mile in his shoes. Then, when you criticise him, you'll be a mile away and he won't have any shoes on.

 

Don't get me confused with somebody knowledgeable by all those green blobs. I got most of them by making people laugh.

 

I am not European, I am English.

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Hi

 

Is the Flat a Leasehold?

 

Have the Leaseholders got together and setup the aforementioned 'Leasehold Advisory Group'?

 

Look for anything including clauses that mentions Ground Rent or Service Charge or Maintenance etc.

 

I would also check for anything that prevents Leaseholders from setting up a Group/Committee/Right to Manage

 

Have a look through this Leasehold Advisory Service link: https://www.lease-advice.org/


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More likely Barratt's will expect to double the Ground Rent every 10 years, thus making the Property less attractive for long stay or future buyers.

The Solicitors maybe trying to form an Action Group to put pressure on Barratt Homes/Govt to amend their decision.

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This item was featured in a BBC program called You & Yours a few weeks ago. A lot of building companies who built on leasehold land didn't inform homeowners about the ground rent issue. It seemed that the leasehold was sold off to investors as a scheme to invest pensions into as the contract was tied to basically double the ground rent every 10 years.

 

This wasn't pointed out to any customer at the point of sale where it should have been as it's a big thing. This letter may be about forming a group to purchase the lleasehold from the owner.

 

https://www.theguardian.com/money/2017/jul/27/trapped-leasehold-property-ground-rent-doubling

 

https://www.leaseholdknowledge.com/barclays-turns-mortgage-flat-ground-rent-doubles-every-25-years


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her solicitor should have expalined all of this but commonly the developer pushed certain firms of lawyers to the purchaser as offering a special cut price deal so there is a good chance that she may well have been badly advised from the outset.

 

If the world was a decent place these lawyers would be paying up out of their professional indemnity insurance and the SRA would be putting the boot in as well but joining the action group will be the cheapest way of getting some compensation

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Hi Fred,

 

Some leasehold contracts have had the escalator elements cloaked, others use mortgage-formula grade type approaches that are hard to read. One mainstream builder I have an example of showed a clear (and depressing) calculation. One individual called Martin Paine used an outrageously cloaked method (Martin, you have been named in Parliament.) Another type fooled Guardian journalist Patrick Collinson, his brother, and his solicitor, and his father discovered it before it was too late.

 

Conveyancers have been recently advised to make sure they have run the calculations correctly, and compare the sums with the sellers' solicitors, to make sure both parties agree the numbers, before advising the buyer.

 

So I would ask questions with determination on your daughter's lease contract. I think (knowing a bit about this) that you'll find the FS Legal letter is no win, no fee, no commitment.

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Many thanks for the advice folks. I've been manically busy for the last 7-10 days so havn't had time to look more into this yet. I hope to do so at the weekend.

 

Cheers.

 

Fred


Before you criticise another man you should first walk a mile in his shoes. Then, when you criticise him, you'll be a mile away and he won't have any shoes on.

 

Don't get me confused with somebody knowledgeable by all those green blobs. I got most of them by making people laugh.

 

I am not European, I am English.

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