I was taught 30 years ago when growing up as a teenager by my parents never to touch leasehold property with a barge pole. You are just pouring your hard earned money down a drain. It's not the leaseholders faults but archaic law says they can be held responsible for repairs. Now unfortunately there's many people who are going to learn this basic property knowledge out the hard way. This is why I think property knowledge should be taught in schools. It is a basic knowledge all people need to know at some point in life.
The UK government will never outlaw leasehold and have stated that they have no plans to review or do so. Why?... because of the 'huge' annual revenue that it generates for 'them' in taxes. There are national and international companies out there that their business model is solely built on, buying up freeholds from developers including the exclusive estate management rights from the developer, who has no problem selling it to them, has that finance goes towards their next planned development - and the cycle continues. I lived in spain for a number of years and know that Spain does not have such a thing has 'leasehold' properties. When you purchase a house or in that matter an apartment, you own it outright (the walls, floors ceiling and everything constructed within it). This has been an ongoing issue in the UK and many people are outraged buy it. Recently the UK government have now even gone as far has letting developers sell 'houses' with a lease!. Leasehold is a 'government scam' because they are the ones who have the ability yo outlaw it...but due to their own greed, choose not to.
So what you’re saying is that it’s very profitable to be a landlord in England, and free-holding companies are good investment. Good to know. This is incredibly attractive as a foreign investment, maybe I should save up and get in lol
Very useful. Just a pity that so many are not listening
I was taught 30 years ago when growing up as a teenager by my parents never to touch leasehold property with a barge pole. You are just pouring your hard earned money down a drain.
It's not the leaseholders faults but archaic law says they can be held responsible for repairs. Now unfortunately there's many people who are going to learn this basic property knowledge out the hard way.
This is why I think property knowledge should be taught in schools. It is a basic knowledge all people need to know at some point in life.
The UK government will never outlaw leasehold and have stated that they have no plans to review or do so. Why?... because of the 'huge' annual revenue that it generates for 'them' in taxes.
There are national and international companies out there that their business model is solely built on, buying up freeholds from developers including the exclusive estate management rights from the developer, who has no problem selling it to them, has that finance goes towards their next planned development - and the cycle continues.
I lived in spain for a number of years and know that Spain does not have such a thing has 'leasehold' properties. When you purchase a house or in that matter an apartment, you own it outright (the walls, floors ceiling and everything constructed within it).
This has been an ongoing issue in the UK and many people are outraged buy it. Recently the UK government have now even gone as far has letting developers sell 'houses' with a lease!. Leasehold is a 'government scam' because they are the ones who have the ability yo outlaw it...but due to their own greed, choose not to.
This country is a joke
So what you’re saying is that it’s very profitable to be a landlord in England, and free-holding companies are good investment. Good to know. This is incredibly attractive as a foreign investment, maybe I should save up and get in lol