Legal but immoral

[snooky]

http://www.bbc.co.uk/news/business-38827661
Article on BBC website. I've no idea if this applies in Scotland. Even if it isn't, it's worth knowing about it.

Another unacceptable face of capitalism? :stirrer:

[brianmc]

That's brutal. Money grabbing gits.

[CropleyWasGod]

http://www.bbc.co.uk/news/business-38827661
Article on BBC website. I've no idea if this applies in Scotland. Even if it isn't, it's worth knowing about it.

Another unacceptable face of capitalism? :stirrer:
We don't have that system in Scotland. The terms "freehold" and "leasehold" have no meaning in Scots law.

When you buy a house here , you own it.

Sent from my SM-A510F using Tapatalk

[Mon Dieu4]

http://www.bbc.co.uk/news/business-38827661
Article on BBC website. I've no idea if this applies in Scotland. Even if it isn't, it's worth knowing about it.

Another unacceptable face of capitalism? :stirrer:

We used to have the feudal system but that was changed around the millennium if I remember correctly from my working in mortgages days

[Sergey]

We don't have that system in Scotland. The terms "freehold" and "leasehold" have no meaning in Scots law.

When you buy a house here , you own it.

Sent from my SM-A510F using Tapatalk

I live in a leasehold property that still has 58 years. Paid off the mortgage last year and the value is circa £600k. I asked my solicitor what the cost would be to get the lease back to 100 years and it's approximately £12k - £15k (maybe £18k tops) which is settled at arbitration unless both parties agree to a fee.

I knew this when I purchased the property, it's just the fee has multiplied - but so has the value of my property.

As the thread title states - the Bellway article stinks and it's downright wrong.

[snooky]

We don't have that system in Scotland. The terms "freehold" and "leasehold" have no meaning in Scots law.

When you buy a house here , you own it.

Sent from my SM-A510F using Tapatalk

Hallelujah. That's good to hear - thanks, CWG

[Pete]

Legal? Immoral? It's downright disgusting.

The whole way that property and land is dealt with in this country needs looked at urgently. It's getting to the stage where rich land owners in the suburbs are watching the young, casualised workers toil to pay the rent for the flats they own in the middle of the city. Its like workers rights...we're sleepwalking into going back decades.

It's a shame that the only people who have a passion for solving this issue are absolutely crucified in the media.

You wonder why. :rolleyes:

[ronaldo7]

We don't have that system in Scotland. The terms "freehold" and "leasehold" have no meaning in Scots law.

When you buy a house here , you own it.

Sent from my SM-A510F using Tapatalk

:agree:

When I moved to England a while back, I kept hearing about houses having 99 year leases. The estate agent soon put me right, and I steered clear when buying.

Moving back to Scotland was a doddle. Guid auld Scots Law.:greengrin

[Speedy]

I live in a leasehold property that still has 58 years. Paid off the mortgage last year and the value is circa £600k. I asked my solicitor what the cost would be to get the lease back to 100 years and it's approximately £12k - £15k (maybe £18k tops) which is settled at arbitration unless both parties agree to a fee.

I knew this when I purchased the property, it's just the fee has multiplied - but so has the value of my property.

As the thread title states - the Bellway article stinks and it's downright wrong.

What happens at the end of the 58 years? You get kicked out and the freeholder gets the house?

[Speedy]

We don't have that system in Scotland. The terms "freehold" and "leasehold" have no meaning in Scots law.

When you buy a house here , you own it.

Sent from my SM-A510F using Tapatalk

That doesn't half confuse call centres in England when you're arranging a mortgage over the phone.

[Peevemor]

The feudal superiority thing wasn't quite the same as freehold/leasehold stuff in Englandshire.

https://en.wikipedia.org/wiki/Abolition_of_Feudal_Tenure_etc._(Scotland)_Act_200 0

[Jim44]

What happens at the end of the 58 years? You get kicked out and the freeholder gets the house?

That seems to be the case. If you buy a house with a relatively short lease it's almost like renting the house, knowing it won't be yours at the end of the day ( great investment,eh? ). What you would have to pay to renew the lease seems to be a lottery.

[snooky]

Scamsters.

[Hibs Class]

What happens at the end of the 58 years? You get kicked out and the freeholder gets the house?

There are various options, all set out in law. Certainly isn't the case that you automatically lose your house.

[Colr]

http://www.bbc.co.uk/news/business-38827661
Article on BBC website. I've no idea if this applies in Scotland. Even if it isn't, it's worth knowing about it.

Another unacceptable face of capitalism? :stirrer:

Doesn't apply in Scotland although the fuedal system used to do something similar which was abused.

It's obviously being abused here by some but long leaseholds are sometimes entered into for estate management reasons. I've done a few myself for public sector landowners who want to be able to enforce good standards and control the appearance of buildings.

Duke of Westminster only sells on longleasehold for this as well as financial reasons. These areas still look great. Compare with Victoria which is a dog's breakfast.