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sgclacy
Senior Member
Last Activity: 19-04-2018, 08:25 AM
Joined: 12-12-2006
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  • I would write to all the lessees explaining the problem and also advising that there is no alternative contractor for the works and the works will costs £3,000 and each lessees share will be £750. Ask that they either confirm they will make payment or ask if the wish to take the matter to the FTT....
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  • sgclacy
    replied to Ground rent on a new lease
    The NPV of that stream of income at 6% is £3,238, to rid yourself of the rent in 10 years time would cost £4,120 and in 20 years time £5,002

    As the percentage increase falls over time I see it becoming less of an issue. The ground rent is unlikely to ever provoke a problem it seems...
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  • sgclacy
    replied to Freehold Purchase
    A landlord may decide that rather than demand 4 times a year he can demand twice yearly,, he loses the cash flow advantage but saves on cost
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  • sgclacy
    replied to Freehold Purchase
    The case that Gordon999 has highlighted confirms that a deferment rate of 5% is used in all but a handful cases

    The capitalisation of the rent appears to be that if a small rent and 6.5% is quite common larger rents because the collection costs are he same are more efficient and attract...
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  • sgclacy
    replied to Freehold Purchase
    Mindful that the freeholder will have to pay his own costs at the FTT or represent himself and mindful that the figures are (without wishing to sound arrogant) correct I strongly suspect the freeholder will agree to your figures. How many flats are taking part in the enfranchisement - if there is a...
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  • At a 6% discount rate the premium would be £9000 plus professional fees on your side and certain legal and valuation fees on the landlords side

    At a 5.75% discount rate about £9500 plus costs

    in view of the large number of cases heard by the Tribunal over the last 25 years...
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  • A trust deed is better than owing it in your three names jointly. If someone disappears then it can be very expensive a time consuming trying to transfer the freehold. If ABC own the freehold and C sells (or is repossessed, which is when it gets very difficult) to get the freehold into the name of...
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  • The way to look at it is this : the ground rent capitalised at say 20 times plus the premium you paid for the loft was the total price you paid for loft - is that reasonable . In other words the ground rent is deferred consideration for the loft...
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  • As noted earlier the RTM does not absolve the freeholder from keeping a watching brief over the property. If the RTM fail to insure then the frreholder would be liable for their failure in the first instance although presumably he could take action against the directors for their failure in office...
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  • The premium for the lease extension is made up of two parts .

    CAPITALISATION OF RENT - in this case £10 per annum is £180

    VALUATION OF REVERSION - 5% discounted over 95 yrs in line with sporteli gives 1% so in your case £4250

    PREMIUM = £180 + £4250= £4430...
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  • sgclacy
    replied to Enfranchisement - Help!
    Is the passage way essential to you being able to gain access to your property? My understanding is that if it is essential then you can make the claim notwithstanding the exclusion in your lease to the 1925 Act...
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  • Roof voids...are they demised to the flats or are they owned by the freeholder. This may explain the desire of some to get hold of the freehold
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  • sgclacy
    replied to Increase gound rent charges
    I misunderstood your post - it is the flat that you own that you wish to alter

    I do not think it would effect the flats value if the ground rent is nil rent for 999 years or £250 per annum for 125 years. However if you do the later the freehold would be worth £6000 more if you chose the...
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  • sgclacy
    replied to Toxic Lease
    The reserved stream of ground rent is part of the overall consideration payable when a lease is granted - the issue is best addressed in my opinion by having the discounted value of the ground rent shown next to the premium with the value being calculated using a prescribed discount rate in that way...
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  • The government have stated they intend to deal firstly with houses and it would seem they could do it quite quickly. .Houses are not subject to marriage value and therefore it is quite likely that prescribed rates for ground rent capitalisation and deferment can be prescribed.

    In long leases...
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  • That is probably about right for your legal costs if doing a statutory claim in addition there will be you valuers costs and the legal and valuation fees of the freeholder is assuming it doesn’t become contested expect to pay around £4000 in professional fees

    the government is looking...
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  • sgclacy
    replied to Increase gound rent charges
    The premium for a statutory lease for a flat worth £400k with a ground rent £140 on a 67 year lease is around £30000

    For it to be suggested to you that fair compensation for a lease extension is modest increase in the ground rent from £140 to £250 at a nil premium is opportunistic...
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  • sgclacy
    replied to An interesting case
    Mediation was offered before hand and it would appear from the FTT decision that she rejected this

    She was unable to gain any traction and all the charges were upheld by the FTT save for a token sum.

    She appears to be very passionate about her case but her passion has blighted...
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  • sgclacy
    replied to Increase gound rent charges
    What is the value of the flat on the basis that the flat has a very long lease...
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  • The answer may lie in granting the lessee who is buying the non participating share a different class of share capital, say B Shares. These B shares would receive all the ground rent from that non participator and receive any capital sums in full from any lease extension. They would also have full conduct...
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