Last_Great_Hope Posted September 2, 2015 Share Posted September 2, 2015 I live on Vere Road and pay £1.50 ground rent per year. Not to anyone in IOM or IOW though. The freeholder will almost certainly employ an Agent. Possibly Simarc? Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted September 2, 2015 Share Posted September 2, 2015 To sum up: An investment Company had bought the freehold reversions to the remaining properties on Vere Road that are Leasehold still. This is not unusual. Owning the freehold does not confer any rights to the land apart from to collect the very small ground rents per year. Only once the Leases have expired (will be many 100's of years into the future knowing Sheffield Leases) does the freehold land have any appreciable value. There is no nefarious scheme going on here. Link to comment Share on other sites More sharing options...
F. Spiksley Posted September 2, 2015 Share Posted September 2, 2015 https://www.gov.im/ded/pvi/pvi_fr.html?menuid=21707 Link to comment Share on other sites More sharing options...
ViolaOwls Posted September 2, 2015 Share Posted September 2, 2015 lennykunt- don't tell people where you live. The likes of swinton will come round to nick your washing Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted September 2, 2015 Share Posted September 2, 2015 https://www.gov.im/ded/pvi/pvi_fr.html?menuid=21707 No need to do any digging: To sum up: An investment Company had bought the freehold reversions to the remaining properties on Vere Road that are Leasehold still. This is not unusual. Owning the freehold does not confer any rights to the land apart from to collect the very small ground rents per year. Only once the Leases have expired (will be many 100's of years into the future knowing Sheffield Leases) does the freehold land have any appreciable value. There is no nefarious scheme going on here. Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 2, 2015 Share Posted September 2, 2015 To sum up: An investment Company had bought the freehold reversions to the remaining properties on Vere Road that are Leasehold still. This is not unusual. Owning the freehold does not confer any rights to the land apart from to collect the very small ground rents per year. Only once the Leases have expired (will be many 100's of years into the future knowing Sheffield Leases) does the freehold land have any appreciable value. There is no nefarious scheme going on here. I agree though part of me does wonder if they think Wednesday might come along at some stage and try and buy the leasehold properties and they could do a Hooper and demand more dosh to ensure the deal goes ahead Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted September 2, 2015 Share Posted September 2, 2015 I agree though part of me does wonder if they think Wednesday might come along at some stage and try and buy the leasehold properties and they could do a Hooper and demand more dosh to ensure the deal goes ahead Depends on how long the leases are. If they are 999 year leases, just buy the houses, wait two years and force a purchase of the Freehold of each individual house under the Leasehold Reform Act 1967. The premium for each freehold acquisition would be determined by an Independent Surveyor which would not be much at all. Link to comment Share on other sites More sharing options...
Guest mkowl Posted September 2, 2015 Share Posted September 2, 2015 Depends on how long the leases are. If they are 999 year leases, just buy the houses, wait two years and force a purchase of the Freehold of each individual house under the Leasehold Reform Act 1967. The premium for each freehold acquisition would be determined by an Independent Surveyor which would not be much at all. I didn't say their thinking was any good though Link to comment Share on other sites More sharing options...
Guest Grez Bez Posted September 2, 2015 Share Posted September 2, 2015 I just don't get it! Link to comment Share on other sites More sharing options...
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