Hi all,
Don't post on here as much anymore but wanted to seek some help as the latest announcement from the government has concerned me.
I live in a new build leasehold apartment in Essex and am not sure what the future holds for me in terms of my property value and this move over to commonhold. How easy do you think it will be? and I'm guessing my property value will nosedive if I'm on this old leasehold system?
Thanks in advance everyone.
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The current government - and, in fact, any government, from Labour to Tory or even LibDem - would not introduce a policy to "ban" leasehold flats if it is likely to end up with homeowners seeing the value of their properties being negatively affected. So they will look at various ways of mitigating the effect, including making it easy, quick and inexpensive to convert from leasehold to commonhold.
Oh goodie.
Self described anarchist Pierre-Joseph Proudhon said ‘property is theft’.
Would an 18 year old person just kicked out of the local authority care system be handed a freehold property by our wider society?
As it stands the problem comes when a lease starts to run down and get below 80 years, to extend the lease then really can start to add up from that point and also to a level they become unmortgageble.
But what do the anarchists have to say about VAR?
Tell me that..
My current lease has 990 years on it so think I'm safe in that aspect.
Just to be clear, I'm currently in a leasehold so how easy do you think it would be to move to commonhold and will this have financial implications to myself? Does it need other residents to pay equal if so?
I'm just putting myself in the landowners shoes, are they just going to be forced to hand over to the residents for a nominal fee?
However in principle you've always been able to (and get first refusal) to buy the freehold if the freeholder wanted to sell or in certain circumstances
See link for current details: https://www.lease-advice.org/faq/how-can-i-buy-the-freehold-of-my-building/
In a large block that can become very difficult to get everyone on board, hence why I think this law will apply to future new builds that simply will no longer be leasehold as we know it.
What with the population increasing faster than homes are being built it will continue to be so.
Trolls gotta troll.
An expanding population isn't a threat to most of us. It's relatively trivial for a discussion about leasehold and commonhold. Some economists will argue that the rate of population growth must keep up with economic production and if we fall below one for one replacement of the workforce (as continues to be the state of most modern capitalist economies), we will continue to have issues with raising tax, labour shortages, and associated social care issues as the population ages.
But it seems people feel threatened by what they perceive as population expansion, especially those who haven't had the security of a place to live themselves, and then there are those who can't or won't see the bigger picture as it's easier to blame 'outsiders', or whoever they deem to be undeserving.
Back to commonhold, and it is perhaps a scary prospect for some. There's complexity and a transition period as with most societal change. It won't suit everyone to adopt or convert to the new arrangements. It's hard enough now getting people to attend an AGM or even to understand what a leasehold means. There's a higher level of responsibility in commonhold and loss of leaseholder protections. You are an equal, unit-holder, with responsibilities, but still most will be inclined to leave these to a few keen individuals to run the commonhold affairs for them, perhaps with a professional management company, and there will still be disputes, about payments and noise and everything else. Having a pop at outsiders will still be attractive to a few idiots while all this goes on.
https://www.lease-advice.org/advice-guide/commonhold/
I work in the UK planning system and it is frustrating how bloated the requirements for planning applications has become. Environmental regulations are becoming overbearing. I worked in Canada for the last 4 years and the amount of detail you need to submit is half of what is required here. No wonder it takes so long to get these projects going.
UK population in 1980. 56 million
UK population in 1990. 57 million
UK population in 2000. 58 million
So roughly an increase in population of 1 million per decade.
UK population today is over 69 million and rising.
It is undeniable that the recent increase in population has put enormous pressure on housing.
Even with the best will and intentions house building simply cannot keep up with this.
but there are less conventional families than 1970 and expect the average occupancy is lower generally.
I won’t say what those reasons are in order to avoid the personal attacks from all my enemies on Charlton Life.