Click a link
to find out why we are the complete solution for property professionals
Landmark welcomes leasehold guidance for homemovers
7th March 2017
A new guide to help homemovers navigate the pitfalls of Leasehold property has been published by the Conveyancing Association, a membership body representing the interests of property solicitors.
The advice comes in the wake of several high profile cases hitting the headlines. National news outlets have reported on cases where the ground rent on leasehold properties was set to double every 10 years on the 125 year lease… starting at £250 p/a rising to £8,000 p/a by the 2050’s.
The issue was recently picked up by the BBC’s consumer programme “You & Yours” which followed the story. It found that in some cases the start of the lease was at the point the purchase of the land, rather than when the first homeowner moved in, meaning the rent doubled despite the homeowner owning the property for less than 10 years.
In a dispute brought to the Property Ombudsman, the failure to correctly identify a leasehold property resulted in the agent reimbursing a would-be buyer over £1,000.
CLICK HERE TO READ THE CASE STUDY
In another case, a new build leasehold was purchased with a view to buying out the freehold, a legal entitlement after 2 years of ownership. The cost was understood to be c. 30 times the ground rent of £150. However, in the interim the Freehold was sold to an investment group who upped the buyout to 89 times the ground rent.
The Consumer Protection Regulations (CPRs) require agents to establish material information, information which would affect a would-be purchaser’s decision to buy, up front.
By establishing better quality information up front, agents can comply with their obligations under the CPRs, improve the quality of their viewings and reduce the number of fall throughs.
CLICK HERE to view the Leasehold Guidance
Compliance in a Box from Landmark is the industry recognised compliance solution for Estate and Lettings Agents. Compliance in a Box helps agents proactively seek out and evidence their compliance activity under CPR’s by establishing material information, including information relating to the leasehold, up front.
Try Compliance in a Box today; contact Samantha Peacock on 01524 220013 or by email sam.peacock@landmark.co.uk or sign up below
Further Reading
http://www.telegraph.co.uk/money/consumer-affairs/new-build-property-trap-could-stop-selling-home/
The client and experts view...
Latest news
AML Checks: Guide to Uploading the Passport.
The campaign against money laundering has seen the HMRC issue £2.5m of penalty notices since June 2017.
Making sure you’re compliant is vital.
When it comes to carrying out your checks, we supply AML reports as part of our Compliance in a Box service. (more…)
AML Fines for estate agents published
Estate agent anti-money laundering (AML) compliance is under scrutiny again following the publication of figures detailing the fines levied for AML non-compliance. (more…)
Price Increase Notifications – April 2019
We have received a number of notifications from our suppliers regarding their intention to increase prices from the new tax year at the start of April. As these are supplier increase we will unfortunately be passing the cost of the increase on to our customers. (more…)
5 days of FREE AML training
HMRC have revealed details about the fines it has levied on estate agents for AML non-compliance. To help estate agents stay the right side of regulation, Landmark are offering 5 days of FREE AML training for a limited time. (more…)
Blog 3: Implementing your risk assessment
The Money Laundering Regulations require estate agents to risk assess their business relationships and apply an appropriate level of investigation to ensure that they understand who their customer is, and why they are involved in the transaction. (more…)
Click the Apply button opposite to use our software on a trial basis...
- AML Checks: Guide to Uploading the Passport. https://t.co/Ug8J8IguOR
- All set for today's @HuntersHomes Conference in #York. We're on stand 35 with 30% off our fantastic package solutio… https://t.co/eqjmDfopPg
- How to make the most of a small #property footprint.. check out these micro floorplans! https://t.co/dwJxuhWgVh https://t.co/mMXCKghjOi
- Landmark are braving #stormgareth in Glasgow today for the PropertyMark Scottish National Conference. We're talking… https://t.co/HvRKjzPetA
- Subsidence claims on the rise following last year's long, hot summer https://t.co/A4Oaxcr8Wy https://t.co/RQ217aj8CV
- All set for today's @HuntersHomes Conference in #York. We're on stand 35 with 30% off our fantastic package solutio… https://t.co/tY3Iwad28h
- Great morning in Milton Keynes with Mike Day talking AML & CPR compliance. Mike is great... he makes what can be a… https://t.co/8Ju9xOQkO0
- How to make the most of a small #property footprint.. check out these micro floorplans! https://t.co/ppjzHGFijJ https://t.co/xMM4guONhn
- Landmark are braving #stormgareth in Glasgow today for the PropertyMark Scottish National Conference. We're talking… https://t.co/fJIcxunw6P
- Subsidence claims on the rise following last year's long, hot summer https://t.co/PFZP8dHRHc https://t.co/UAMBa6WOVQ
