Leasehold house owners have been brushed aside by ground rent investment groups when they ask about buying the freeholds to their homes.
Most failed to inform leaseholders of their statutory rights to buying the freehold under the 1967 Leasehold Reform Act.
But now several of them have changed the wording on their websites following the intervention of LKP.
E & J Estates advised on their web site:
“The landlord has acquired the freehold for the long term and it is not for sale at this moment in time.”
But this has been changed to:
“The Landlord has acquired the freehold of your property as a long term investment however, you may have statutory rights to purchase it. We recommend you seek independent legal advice.”
An example of advice from Estates & Management, the Tchenguiz group, is:
“Our clients are not currently looking to dispose of any of their freehold interests at this moment in time. We are consequently unable to offer you a sale of the same for the subject property.”
It is now suggesting that this wording will be changed.
“We will also recommend that the inquiring tenant seeks professional advice regarding their statutory right in relation to the purchase of their freehold home.”
Mainstay had advised leaseholders:
“Your landlord’s intention when purchasing your freehold was to hold it as part of a long term investment strategy. Its preference would therefore be to retain all freeholds purchased indefinitely.”
It suggests leaseholders contact Citizens Advice or LEASE “if you would like to explore further the purchase of your freehold”.
Related posts:
Pensioner paid £38,000 for Taylor Wimpey freehold to ground rent speculators E&J Capital Partners
Furious Persimmon leasehold house owners at Harrow View West demand their freeholds
Leasehold house owners thank Brokenshire after Persimmon sells freehold to leasehold house for less than £3,750
Help offered to leasehold house owners facing onerous ground rents
Why are leasehold house owners mobilising while flat owners suffer in silence?
Sajid Javid pledges Help To Buy clampdown on ‘feudal’ leasehold terms
E&J, E&M,and Mainstay.
It is not a question of you” May” have the right to buy the freehold? Leaseholders HAVE the right to buy their freehold..
Neither do leaseholders have to take legal advice to find out their rights to purchase freeholds
They HAVE THE RIGHT. IT’S THE LAW!
Of course they should use a suitably qualified agent for the process of purchasing the freehold (after all we don’t want leaseholders to over pay or be landed with extraordinary and totally unjustified charges do we?
And as for the argument that it is your preference to keep hold of the freeholds as a long term investment, I have news for you! It is not just the preference of leaseholders to purchase their freeholds as a long term investment it is also their LEGAL RIGHT!
So E&J, E&M and Mainstay, you can stick your preference where “the sun don’t shine”
Well put.
I’ll bet these odious toads will be bringing a plethora (especially Tuttiett & Co) of Ct. cases to the Lands Tribunal so as to offset damage limitation? Let’s face it they really don’t like to lose. Either way very good news.
Dear Mr Epstein, I am once again congruent with your post and agree that E&J , Mainstay et al should stick their preferences where the sun is very unlikely to see daylight!! I do wonder if these ‘ property folks’ have actually had a formal education- they do seem Neanderthal in their reasoning….