Leasehold trap – major builders could face court action over ripoff leas...

Leasehold trap – major builders could face court action
over rip-off leases on newbuild properties

The UK's largest housebuilders are being investigated by a
watchdog after "troubling evidence" has emerged over the way
leaseholds on newbuild housing estates have been sold to property buyers.

Major companies like Barratt Developments, Countryside
Properties, Persimmon Homes and Taylor Wimpey are facing legal action from the
Competition and Markets Authority (CMA), which could take the developers to
court.

Buyers have been caught in a leasehold trap, with rising
ground rents, unfair fees and properties which could become difficult to sell.

The CMA has demanded information from the developers and could
go to court.

Many people do not realise that when they buy a leasehold
flat or house, they own a lease which gives them the right to use the property
for the length of that lease. However, leaseholders are also restricted on what
they can do with the property and often have to obtain their freeholder or landlord's
permission for any work or changes to their homes.

Typically, on a leasehold flat or house, a new lease is
granted for a fixed period of between 99 and 125 years – in some cases 999
years. Whilst it’s true that people may extend their lease or buy the freehold,
this can be expensive and many people find themselves at the mercy of a greedy
landlord.

Houses are also sold on a leasehold basis where house owners
are charged expensive ground rent and service charges, in addition to rip-off
fees just to make alterations or improvements to their homes. Most flats are
sold as leasehold and most houses as freehold. A leasehold house is notoriously
difficult to sell and should be avoided.

The CMA watchdog said leasehold buyers were being hit with
ground rents that doubled every decade, and said that others were wrongly advised
that they could not buy the freehold on a site.

Katie Kendrick, a leasehold victim, set up the National
Leasehold Campaign six years ago and now has 18,000 members.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
House
prices hit all time high

·       
How
to avoid bankruptcy in business

·       
Tax
increases plan to pay for furlough

·       
Zero
interest credit card deals returning

·       
Will
demand for HMO rooms rise or fall?

·       
EU
staff offered chance to go home to work

·       
Is
this the end of office work as we know it?

·       
Home
workers one step closer to outsourced

·       
What
will happen to all the city office blocks?

·       
Why
live in expensive town centres anymore?

·       
Buy-to-let landlords ignore “NO DSS” tenant
ban

·       
Restaurants
extend ‘eat out to help out’ scheme

·       
Thousands
trapped in unsellable leasehold flats

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June
following stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property without
deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author
of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and
coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com

London brought to a standstill

House prices reach all time high

House prices rise again to all time high, say lenders

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
How
to avoid bankruptcy in business

·       
Tax
increases plan to pay for furlough

·       
Zero
interest credit card deals returning

·       
Will
demand for HMO rooms rise or fall?

·       
EU
staff offered chance to go home to work

·       
Is
this the end of office work as we know it?

·       
Home
workers one step closer to outsourced

·       
What
will happen to all the city office blocks?

·       
Why
live in expensive town centres anymore?

·       
Buy-to-let landlords ignore “NO DSS” tenant
ban

·       
Restaurants
extend ‘eat out to help out’ scheme

·       
Thousands
trapped in unsellable leasehold flats

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June
following stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property without
deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author
of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and
coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com

5 tips to avoid bankruptcy in business

5 tips to avoid bankruptcy in business

As the recession deepens and the end of the furlough scheme
looms, Ann Summers becomes the latest retailer to threaten landlords with CVA unless
shop rents are renegotiated

Some landlords are “burying their heads in the sand”, says
Ann Summers boss Jaqueline Gold.

Ann Summers is a hugely successful lingerie and sex toy
chain, which has brought the industry from the backstreets into mainstream
retailing in the high street. They famously selling millions of pounds worth of
products through ‘party plan’ selling in customers houses.

Gold warned that unless landlords come to the table, they
would ask to restructure its rent costs through a Company Voluntary Arrangement
(CVA), which would wipe out much of its debt and liabilities such as lease
agreements.

A CVA is a legally enforceable rescue deal that enables limited
companies to close unprofitable parts of the business, such as low performing stores,
reduce their rent on others without going into bankruptcy or liquidation which
would wind up the business.

Jacqueline Gold said landlords needed to recognise things
had changed.

"Ultimately no retailer can afford to run stores
unprofitably, and with business rates set to return next spring, the challenge
of property costs is going to become even more pressing than ever," she
said.

Writing
in Retail Week, Ms Gold said the threat of a CVA was "no idle
threat".  

Source: BBC

In my experience, commercial landlords can be ruthless
especially to smaller tenants with no clout. I have seen many small business
owners made bankrupt by landlords over unpaid rent on a binding lease agreement.

5 tips to avoid bankruptcy

1.     
Avoid signing long leases especially in your own
name.

2.     
Avoid signing personal guarantees.

3.     
Limit your personal liabilities and debts.

4.     
Incorporate your business

5.     
Take out liability insurance

Individuals suffer most from debts and can lose everything
including their home.

Jaqueline Gold or Richard Branson will not lose their home
of one of their companies fails because they are not sole traders or in a
partnership.

The above information should not be treated as personal
financial advice, and you should always take advice from your own advisers,
accountants and lawyers who know your personal circumstances.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
Tax
increases plan to pay for furlough

·       
Zero
interest credit card deals returning

·       
Will
demand for HMO rooms rise or fall?

·       
EU
staff offered chance to go home to work

·       
Capita
to shut a third of offices permanently

·       
Is
this the end of office work as we know it?

·       
Home
workers one step closer to outsourced

·       
What
will happen to all the city office blocks?

·       
Companies
still have long leases on big offices

·       
Why
live in expensive town centres anymore?

·       
Buy-to-let landlords ignore “NO DSS” tenant
ban

·       
Restaurants
extend ‘eat out to help out’ scheme

·       
Thousands
trapped in unsellable leasehold flats

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June
following stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property without
deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author
of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth
mentoring and coaching, how to survive the crisis and even quit the rat race,
email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com

UK Government plans tax increase to pay for Covid 19 lockdown bailout Su...

Government plans tax increase to pay for Covid 19 lockdown
bailout

Sunday Times reports that the UK government is planning to
raise taxes, for instance Corporation and Capital Gains Tax, to pay for
lockdown rescue packages.  

End of the month and lost summer of lost tourist billions.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
Tax
increases plan to pay for furlough

·       
Zero
interest credit card deals returning

·       
Will
demand for HMO rooms rise or fall?

·       
EU staff
offered chance to go home to work

·       
Capita
to shut a third of offices permanently

·       
Is
this the end of office work as we know it?

·       
Home
workers one step closer to outsourced

·       
What
will happen to all the city office blocks?

·       
Companies
still have long leases on big offices

·       
Why
live in expensive town centres anymore?

·       
Buy-to-let landlords ignore “NO DSS” tenant ban

·       
Restaurants
extend ‘eat out to help out’ scheme

·       
Thousands
trapped in unsellable leasehold flats

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June
following stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property
without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com

Buy-to-let landlords ignore 'no DSS” tenant blanket ban despite ‘unlawfu...

Buy-to-let landlords ignore “NO DSS” tenant blanket ban
despite ‘’unlawful’’ ruling by Judge

The BBC has launched its own investigation into landlords
who still advertise their properties to rent using the terms “No DSS” or
“Working tenants only”. Last month, a District Judge has ruled that blanket
bans on renting properties to people on housing benefit are unlawful and
discriminatory.

The county court ruling found a single mother-of-two had
experienced indirect discrimination when a letting agent refused to rent to
her. She subsequently ended up homeless with her two children, when her case
was taken on by housing charity Shelter.

The judge ruled "No DSS" rental bans are against
equality laws.

District Judge Victoria Mark heard the case in York County
Court on 1 July, and ruled: "Rejecting tenancy applications because the
applicant is in receipt of housing benefit was unlawfully discriminating on the
grounds of sex and disability" and “contrary to the Equality Act 2010”.

According to a BBC report, landlords are apparently still
flouting the “ruling”.

However, a lower county court ruling may influence other
court decisions as a ‘persuasive authority’ in similar cases, but is not
binding in law.

The National Residential Landlords Association's (NRLA) Deputy
Director for policy and research, John Stewart, told the BBC that it had
"always advised landlords they should not blanket ban benefit
claimants" but the "fundamental issue was the affordability of
renting".

He added that there are a number of valid reasons why rental
listings said benefit claimants were not accepted, including:

·       
The timeliness and levels of benefit awards -
including complaints about universal credit, a shortfall between
housing benefit and private sector rents and in some
cases, fluctuating levels of benefit income

·       
Banks and insurers saw benefit claimants as
higher risk

·       
Landlords trying to avoid extra fees for tenants
who would fail credit checks and references

Complaints about Universal Credit taking months to pay
landlords and then giving the rent directly to the tenant have been widespread.

Source: BBC

Shelter is a left-leaning charity which campaigns for the
end of “no fault” evictions, further regulation in the social housing sector
and new laws to force landowners to build more social housing.

The organisation has an annual income of £67 million, of
which £18 million comes from “grants and contracts”, some of which comes from
government or taxpayer’s money. They reported a £3.5 million “surplus”
(charities do not pay tax and cannot make profits so the make surpluses
instead), in 2018/19. The CEO is paid a salary of £128,000 a year – over 4
times the UK national average wage.

Shelter holds £16 million in reserves according to its Annual
Report 2018/19 and had fund balances of £26 million. Although they could
build a lot of social housing with £26 million, Shelter does not provide
“shelter” or housing.

Left-wing pressure groups like Shelter would like to take
the private rented sector seventy years back to the days of rent controls and
effective lifelong tenancies or ‘sitting tenants’, which would have the effect
of private landlords deserting the market in droves. Ironically, rent controls
in the 1950’s and 1960’s led to a shortage of private rental properties and the
very rogue slum landlords which led to Shelter being founded.

Everyone in the UK should have a home, but does that mean
everyone has a “right” to a home or a legal right to rent a home from a private
buy-to-let landlord regardless of their circumstances?

We are supposed to be living in a free and democratic
capitalist country, not a Marxist state. Landlords must also be able to choose
who they want to take on as a tenant based on their circumstances and ability
to pay.

This is not a political blog, but I have to say that
socialism and communism doesn’t work. It has been tried all over the world from
the failed states of USSR to Venezuela, yet keeps coming back like a virus you
can’t kill. Karl Marx idea of capital and land in the hands of the state has
been a disaster and led to millions dying of starvation in Maoist China and
North Korea.

I have current experience with both private and benefit
tenants with mixed results.

The LHA rates in some areas are simply not competitive or
equivalent to the open market rate and dealing with benefit claims is a steep
learning curve for landlords. Deposits and upfront rent can also be an issue.

Landlords with buy-to-let mortgages may be in breech of
their mortgage conditions if they let the property to tenants on benefits.

The private sector should not have to pick up the pieces for
the failures of successive governments to build sufficient social housing for a
growing low-wage population. There has been no major council house building
programme since the 1970’s.

The last major town to be built with proper infrastructure
and rail transport links was Milton Keynes which, along with other new towns
such a Harlow and Basildon, were planned in the 1960’s.

Councils could easily build more social housing and borrow
to do at favourably low rates, but many choose not to for a variety of reasons.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
Zero
interest credit card deals returning

·       
Is
this the end of work as we know it?

·       
Is
it really more efficient to work at home?

·       
Home
workers one step closer to outsourced

·       
What
will happen to all the city office blocks?

·       
Companies
still have long leases on big offices

·       
Why
live in expensive town centres anymore?

·       
The
‘eat out to help out’ scheme ends Monday

·       
Thousands
trapped in unsellable leasehold flats

·       
Number
of homes repossessed falls to record low

·       
Mortgage possession claims fell by 97% to just
161

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June
following stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property
without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com

City Centres “ghost towns” CBI warns, as retailer wants landlord to cut...

City Centre “ghost towns” CBI warns, as major retailer New
Look wants landlord to reduce rent to zero

The Confederation of British Industry (CBI) head, Dame Carolyn Fairbairn, said that
Britain’s City centres could become "ghost towns" unless the Prime Minister
Boris Johnson does more to encourage workers to go back to the office, the head
of the CBI says.

New Look wants rents reduced to zero as part of CVA rescue
package.

Top 50 UK employers
have no plans to fully reopen offices. Major UK employers plan to keep
staff working at home and have no immediate plans to bring them back to the
offices, a BBC survey reveals.

What opportunities will there be for property investors?

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

·       
Is
this the end of work as we know it?

·       
Is
it really more efficient to work at home?

·       
What
will happen to all the city office blocks?

·       
Companies
still have long leases on big offices

·       
Why
live in expensive town centres anymore?

·       
The ‘eat
out to help out’ scheme ends Monday

·       
Thousands
trapped in unsellable leasehold flats

·       
Number
of homes repossessed falls to record low

·       
Mortgage possession claims fell by 97% to just
161

·       
2m homeowners apply for mortgage payment
holiday

·       
Government extends
ban on landlords evicting tenants

·       
Unemployment to double 7.5% and economy slump
9.5%

·       
Self-employed, have
you claimed your government grant?

·       
Lenders not passing on rate cuts and mortgage
rates going up!

·       
UK property prices jumped by 3% since June following
stamp duty cut

·       
Why UK Property
prices rising after stamp duty cut, despite the downturn?

·       
New planning rules will open up more
opportunities to make money in
property

·       
You can create a second income during the
lockdown…and come out stronger

·       
Learn how to make money from property
without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus
lockdown, as businesses disappear and the job furlough scheme eventually comes
to an end. However, life doesn’t have to end because of lockdown! You can join
thousands of ordinary people who have increased their income and added
streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased,
the economic model has subtly changed forever. How will you adapt to this new
way of working and running a business, what obstacles and opportunities lies
ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money
Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical
steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3
R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it
out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the
crisis and even quit the rat race, email me at Charles@CharlesKelly.net
or send me a message through Facebook or my Money Tips Daily community. See
more articles at www.moneytipsdaily.com