The Court of Appeal has granted permission for an appeal to be heard in the case of Mundy v The Trustees of the Sloane Stanley Estate.
The Mundy case should interest every leaseholder and especially those with leases under 80 years, as if the Mundy decision is not overturned millions of people will have thousands of pounds wiped off the value of their property.
The case is being brought by chartered surveyor james Wyatt, of Parthenia Valuations, whose mathematical model challenges those commissioned by the country’s largest and most powerful freeholders.
The Parthenia model calculates lease extension costs using thousands of flat and house sales, and has been extensively peer reviewed.
The Mundy case revealed the graphs relied upon by freeholders have no market evidence or robust methodology and significantly overvalue the freeholders’ interest. This has meant for the last 20 years leaseholders may have been overpaying by up to 50 per cent for their lease extensions and freeholds.
This overpayment amounts to hundreds of millions of pounds per annum from leaseholders to freeholders.
The case has been extensively reported on LKP here, and raised in Parliament and in the media, such as the Financial Times. Sir Peter Bottomley has called on the Mundy ruling to be reversed “by statute if necessary”.
The Government in the recent white paper has promised to act and therefore we recommend all leaseholders write to their MPs and ask the Government to support Mr Mundy in the appeal, as it is in the public interest.
Related posts:
End lease extension ‘injustice’, veteran MP urges Commons
Court of Appeal ruling on Mundy case’s ‘inconvenient truth’ expected on Wednesday
Court of Appeal turns down Mundy case – unanimously
Mundy case in Court of Appeal showdown over valuation racket
DCLG shakes up leasehold team … but what about Southam, LEASE and the Mundy case, asks Bottomley
Banker leaseholders spend £50,000 to reform the paw law
Has LKP managed to get a response from Mr Roger Southam, CEO of the “independent” Lease as to his views on the forthcoming appeal? Does he for example as chair of an “independent” body support the Mundy formula for lease extension costs or would he favour a formula that would save leaseholders thousands of pounds in unfair costs, whilst still affording freeholders a large windfall by dint of “acquiring” the freehold?
Oh good point Mr Epstein.!! I do hope LKP request an interview with Mr Southem ( without coffee) My MP’s office has confirmed that she has written to the housing minister and is particularly interested in the rejection of S O’ Kelly. I have told her that I am keeping the National Leashold Campaigners updated!!
Excellent! Thank you for the update Kim and I will be joining your campaign.
The remarkable Katie Kendrick stated the campaign. I am an ardent supporter it. Please join it and give your support! Very much looking forward to the FTT ruling regarding your case. Good Luck !!
Hi Kim. I am not on Facebook as I do not buy into the principle of handing over my personal and private data to another party who can make a mint out of it as the founder has gone on to do. Many leaseholders will not be on Facebook. It is more likely to be the younger generation. That said, I appreciate that it can be a powerful marketing and communications tool. And as I was thinking about the title National Leasehold Campaign I thought perhaps the person(s) driving it forward may want to consider renaming it the National Campaign for the Abolition of Leasehold, unless its sole aim is to abolish escalating grounds rent. Just a thought.
Thanks Kim your support to the campaign is invaluable as is the support of LKP.
Kim drafted us a letter of complaint which I have sent onto the housing minister highlighting our concerns regarding Mr Southams position in LEASE on the conflict of interests he has. We also expressed our support for Sebastian O’Kelly and could not believe his rejection from LEASE. This complaint was sent on behalf of the national leasehold campaign which now has 1300 memebers and is rapidly growing.
It was sent on 16th FEB and I have not had a response yet. I rang the minister yesterday and they said it could yoke up to 15 days to receive a response. I have also asked my local MP Justin Madders to chase this up with the minister.
The campaign is going from strength to strength. Estates nationally are mobilising groups and organising community meeting on the issue. Legal opinions have been sought and we are moving forward.
Today we had a response back from Martin Lewis who is also looking into our campaign. So it’s all go. Rip Off Britain is filming a residents meeting this evening. I am giving another interview tomorrow for daily mail and other people are talking to other media outlets such as the guardian and telegraph. My next target is trying to get on “This Morning” as I believe this would be a great target audience to spread the word.
Thank u for your support
The Goodkind family, who are behind the once notorious Simarc and also PBM (an LKP supporter/sponsor) will be more than a little concerned with their tens of thousands of these properties