Tradefair & Financials
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24 Jan 14
21:51
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Date Joined:
27 Jan 02
I accept all conditions towards extending the lease of a property by 90 years, except one. Ground rent is to be raised to £50pa..Pretty innocuous? I agreed, and put my signature on the lease agreement. But my solicitor told me that the base of £50 was to be retrospectively dated to 1971, meaning that my current ground rent would be £200. Forward calculations show that the total repayments to the property company owning the freehold to this block of flats would total between half a million and one million pounds. The property is worth £80,000. The ground rent is £10pa rising by £10 every thirty-three years.
Two questions:
Any reason why I shouldn't abandon negotitiations and and go straight to statutory
arbitration?
If I had agreed to terms, before this realisation, what redress would be open to me?
Thanks in advance.
Two questions:
Any reason why I shouldn't abandon negotitiations and and go straight to statutory
arbitration?
If I had agreed to terms, before this realisation, what redress would be open to me?
Thanks in advance.
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Replies: 13
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Forgot to add £50, doubling every 20 years.
Still looks pretty harmless, no? |
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I thought that ground rent was brought down to zero when you extended your lease by 90 years.
Something isn't right here. |
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Thank you Dr Crippen.
http://www.lease-advice.org/information/faqs/faq.asp?item=96 The nub of it seems to be that a lease-extension negotiated with the freeholder allows the ground rent doubling mechanism, but the statutory route does not. I'll keep the post updated, as it could prove a timely warning for someone in the same position - among the four occasional viewers left on this forum. |
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THEIR solicitors (who are being paid by me) mislaid the letter stating that terms were "wrong", and a reply is expected soon.
Don't trust the other side at all now, and fully expect to go down the statutory route. Any advice appreciated. |
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For anyone who may be interested: I'm taking it to arbitration. I've been so lucky: agreed to everything, signed the contract, sent the money to my solicitor's client account. But the landlords had to try and gild the lily, by back-dating the ground-rent doubling mechanism forty years. My solicitor balked at that. Hubris.
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Good luck --
That extra clause does sound naughty -- But the time to query things is before signing them -- From what you say it Looks like you are able to go Down the statutory route-- which i find rather strange-- For When is a signed contract not a signed contract ??.... Weird... But if you can ..treat it as a lesson learned -- = Read the small print before signing anything !! |
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and Good luck in the Tour de France !!
Whoever that ^^ is  |
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Thank you scissors - events have taken a twist:
1) My solicitor has been "retired" by the SRA. Basically, I'm back at square one having lost fees to both my landlord's solicitor and my own. 2) I'm going to go down the statutory route with a new solicitor. 3)I shall always be grateful to the struck-off solicitor for querying the terms of the lease as it was finessed AFTER my signature. And he returned the payment to be made for the lease extension to me. As you say, scissors, and anyone reading :- Lesson learnt. The last people to trust are landlords. |
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Have you walked into a citizens advice bureau ?
They have solicitors who offer free advice on Legal matters. Just tell them it is stressing you out. Do you have house insurance with legal Cover ? This is what it is for . |
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I pay a very small additional premium on my house
Insurance -- that gives me £2 million of legal costs-- Any b****** trying it on with me had better be rich.  |
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Ps - i am a landlord btw
We are not all crooks and charlatans  |
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My experience is that a landlord views negotiation as a sign of weakness, so go down the statutory route.(If you make the mistake of negotiating an extension - one can still use the statutory route, and should)
My landlord was .. this close to ripping me off. Then his greed kicked in and he asked for double and double again. My landlord is in possession of a personally signed lease entitling him to double my ground rent every twenty-years from 1971. Unfortunately for him, he can't enforce it, as I didn't pay the premium. |