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
System Maintenance
Please be aware that we are performing some system maintenance this weekend. We don’t anticipate that this will result in any downtime of our services, but we apologise if it does cause any inconvenience
Government Confirms New Regulations and Qualifications for Estate Agents Will Happen
The government has accepted the proposals of the Regulation of Property Agents (RoPA) with wide-spread consequences for estate and letting agents.
The proposals reach right into the heart of the industry to affect regulation, training and licensing.
(more…)
Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement
Estate Agents are waiting for the big reveal on Monday after Lord Best has admitted some firms could close when the regulation of property agents (ROPA) makes its recommendations to the Government early next week.
Lord Best, the chair of ROPA, has already outlined the working group’s desire for more regulation.
[NEWSFLASH] Agent Charged DOUBLE Over AML Registration Mistake
Property Industry Eye (PIE) has highlighted the case of an estate agent who has fallen foul of HMRC and been charged double.
On 4th April, with plenty of time to spare, Hayman-Joyce renewed their annual HMRC registration. They paid the fee and thought they’d ticked all the boxes.
Compliance in a Box: The Natural Remedy for Your AML Headache
Estate agents around the country are realising that the new 5th AML Directive goes deep. There’s a lot of work involved in becoming compliant. And the penalties for non-compliance, either deliberately or through confusion, are severe. (more…)
Click the Apply button opposite to use our software on a trial basis...
- What now for the agency industry as Boris Johnson takes over? https://t.co/KUJc0V2EEn
- Fears of Tougher Regulations and Unjust Costs Mount Ahead of Government Announcement https://t.co/N8VDGWNuC2 https://t.co/giZNcR88pH
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/ePdHELsgKp
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below and for our *FRE… https://t.co/3bjcIPFf2y
- Estate Agents, Compliance and the Beautiful Game https://t.co/1QwL5YQMit https://t.co/xawZnlv38L
- What now for the agency industry as Boris Johnson takes over? https://t.co/OUBAikhCTw
- More change on the horizon for agents! Seems to be a real split of opinions on this one. #estateagents… https://t.co/RhWLtkEbJQ
- We're always talking to agents about reducing RISK with KYC (Know Your Customer) Due Diligence...but what about con… https://t.co/CdzfWVEpXy
- Want to make sure you're ticking all the right boxes for your AML compliance? Click the link below for our *FREE* 1… https://t.co/j5SnrJMFcS
- MI5 spies 'at breaking point' as they face threats https://t.co/SBGS2Wsi2k via @MailOnline. Security Minister Ben W… https://t.co/WwEKnKIpN5
