Spiv battles

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RegencyCheltenhamSpa
Posts: 29757
Joined: 21 Nov 2009, 03:27
Great to see the government talking about trying to battle one group of spivs draining money out of the UK economy by exploiting and damaging further the broken/rigged housing market.

As widely reported, Minister Sajid Javid has decreed a clamp down on "feudal" leaseholds and ground rents for new build houses (not flats).

http://www.independent.co.uk/news/uk/po ... 58006.html" onclick="window.open(this.href);return false;

For anyone interested, some of the spiv 'businesses' trading in misery and poverty to fill their offshore accounts are named here:

https://www.theguardian.com/money/2017/ ... g-millions" onclick="window.open(this.href);return false;
Red Duke
Posts: 1991
Joined: 20 Nov 2009, 09:15
Location: North West
The first house I bought in the North East was leasehold but the ground rent was fixed at £25.00 per year for 99 years from 1975. The freehold was offered to me in late 1980's for £400 and I bought it.

If leaseholds were still like that it would not be an issue. However, in last few years some "investors" have seen it as a way of making money for doing nothing by coming up with leaseholds that on a ratchet scale. Questions should be asked of the solicitors for not ensuring such onerous conditions were being include within the contract.

I suspect many house buyers had no idea what they had agreed to and I think this could easily escalate into a PPI type scandal.
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