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Somebody just need to vent? 😂

This is almond milk by Valspar, lovely colour! ☺️

Try White Beach Quarter, it looks very similar :)

Supposedly, yes it’s their pledge. However it does ban the sale of new leasehold houses but not the sale of new leasehold flats, which make up 70% of properties affected. Watch this space!

@@NicoleSage So, smoke and mirrors yet again and you/I wonder why people have no trust in politicians.

@@barrydwyer2039 Exactly!!

Unfortunately I agree, it feels like another way to make money out of leaseholders at this stage. Will be interesting to see when full detail/calculation is announced

They could have been a developer of the property, splitting it into flats and becoming the freeholder that way, or they could be a large freehold managing agent that buys it off a developer. Alternatively, you could be a leaseholder and buy a share of freehold for your property.

Totally, still so vague right now

YES, the law has been passed but not yet commenced so could be months, years away, we will know more after the election has taken place hopefully. That is criminal, marriage value abolishment should make a notable difference, so I would wait if you are able to

@@NicoleSage I can wait !! But I am seeing none of the rent ! It's all be swallowed up by the high interest rates on the mortgage !

you will still need to pay off the Term and Reversion, just not Marriage value on top of the Reversion.

@@brianlopez8855 Will it be a lot cheaper though !? That's the main thing !

Yes, I completely agree it needs to be abolished completely

@@NicoleSage the only way to abolish this product to be sold is to stop buying it... politicians, real estate lobby, construction lobby if they start feeling it in their pockets they will changes laws, the worst in not the ground rent is actually the services charges which are enormous, flat owners have no control or say on it and is a lot behind scenes to suck as much money as they can from leaseholders reason why I would never buy a flat in this conditions.

Totally agree with you, worst system ever but one that takes up a huge proportion of housing in England

How do you think things should be undertaken.

It is a lovely shade! I don't see why not as it will contrast well with the flooring, feel free to send me a photo through to hello@sleek-chic.co.uk so I can visualise it better, thanks.

I didn't in this video, although I did in the King's Speech video, marriage value will be abolished but he new calculation for lease extensions hasn't been announced yet, more detail to follow on that

Thanks for watching :)

Totally agree - it would be shocking

Stolen?

In recent years, ground rent has become more of an issue as it generally affects most leaseholders. Marriage value is set to be abolished, although the new calculation for how lease extensions will be done hasn't been announced yet, there was a lot to cover that came out

its gone so the value of short leases will increase. Its good for you.

Captions are available and my apologies, I’m not a professional presenter but working on it 😊

Thanks for watching! I would personally start the process now as it can take months/year for this process AND there is just no set deadline on when the new laws come in, so you could be waiting until 2028 as a worst case scenario. As for retrospective refunds, this will not happen as they say 'law is law' at the time. I'd say that if you're going through the process and money hasn't yet been exchanged and then the law comes in then they would have to revise your costs at the time, I hope that helps and good luck!

Unfortunately yes, still so far away from actually helping leaseholders

depends on the exact definition of the common areas and the services in your lease

Well done, I can say that’s the best thing you’ve ever done!! And I know, I think it was someone doing a buy to let!

If you need to asap - first see if the mortgage lender will accept an indemnity policy, this is usually forfeiture of lease indemnity, it’s worth an initial try. If not, the other solutions for now are deed of variation to cap the ground rent - you’ll need to approach the freeholder for this, the other option is a formal lease extension, it extends the lease but makes the ground rent a peppercorn (nominal fee like a £1) - when I looked at options with my freeholder below the costs were very similar so a formal lease extension was more favourable. Let me know if you have any other questions.

Also - whilst rates aren’t the best still, sticking with your existing lender is probably the best bet

Yes - it should be easier and cheaper to buy the freehold, although the exact calculation for this hasn’t been released yet, you’ve also always had to pay the legal fees for the landlord in the process, this is something which will now be capped at a certain level, when they say ‘easier’ - there’s not much detail around this part yet

Don't do it, Leasehold is a legalised scam, i have been trying to sell my leasehold for 5 years now and I keep losing buyers all because of the Freeholder being inactive and now a new freeholder not responding so in effect they are missing, just don't do it

should cost about £100 premium plus landlords legal costs

I agree with you, there’s still such a long way to go with it for leaseholders

We don't have this one available in the UK unfortunately, but looks like a beautiful one!

Yes, as far as I have seen it applies for leasehold houses too. All leaseholders will be able to extend their lease by 990 years. Currently it's only possible to extend the lease on a leasehold house by 50 years (and you're only able to do it once), while leases on flats can be only be extended by 90 years at a time. This will even the playing field. In terms of costs, it 'may' be cheaper to wait for the new law to come in as landlord legal costs will be capped, but no way of knowing how much the saving will be, and how long it will be until the law has commenced. It will also be cheaper to buy a properties freehold.

if your ground rent is fixed at 4 pound a year for the rest of the term you are looking at about £80 to buy your freehold plus your costs and capped landlords costs under this Act.

Good morning, the detail for shared owners is very vague at the moment and I am not sure the new laws apply including the abolition of marriage value and that it will be easier to extend. I would recommend asking the question also in the NLC Facebook group if you aren't already a member facebook.com/groups/786983251448976/user/100068879903623/ When anything new comes out to do with shared ownership it will be in this group first too.

Living in the middle of a renovation right now so I’m okay thank you 😂

Yes, they always find one way or another to get the money back in the end. It’s criminal!

refer the cosrs determination to the Tribunal. Should be about £500 landlords valuation plus about thousand pounds of legal costs all in.

Firstly, I'm so sorry this is happening right now, it sounds like an awful situation. Is the council your freeholder? Regarding the cladding, I believe that rather unfairly any remedial work needed is charged to the leaseholders, you would have received a section 20 notice for this for major works though, did you get this? (If you haven't then they can't charge you retrospectively) But in terms of everything that has happened since with poor work, this would fall on the builders and council for sure. I would also ask this question in the NLC Facebook group if you haven't already as someone may be in a similar position and be able to help; facebook.com/groups/786983251448976

Thanks for watching! Nordic spa is a lot lighter, almost a pastel green whilst Willow Tree has an earthier feel to it, I'd personally go for Willow Tree given your current scheme as it's not as bright as Nordic Spa, hope that helps!

If you’re urgent to sell and the chain would collapse then possibly continue as you are, if you’re in no rush I’d probably be inclined to wait as you’ll be able to buy out the ground rent + if there are legal costs from the landlords side they will be capped, but currently you have to front the full bill from them. No idea what cost savings will be, but they will be worthwhile I should think

I completely agree, so many of them benefit financially from it, disgusting

I completely agree, whilst it feels like a move forward in some senses, this awful system still exists and the solutions are still going to cost leaseholders money

​@@NicoleSage Who would bother buying the Freehold now? Better just let someone else go to all that expense and take responsibility for all the work...

@@jamebrow Unless you're desperate to sell your property now and move on and need a lease extension (or share of freehold, that you don't need) then I would wait, but the wait could be years. If you're looking to buy leasehold, then wait.

@@NicoleSage I see, but won't it cause problems with building maintenance and administration if there's little/no incentive to become a freeholder?

@@jamebrow That's the problem, if everyone has a share of freehold, it's the responsibility of everyone to make sure they all pay their way towards servicing, and large maintenance problems in the future, whereas as a leaseholder it's enforced by someone else which can be a benefit. However, all those who have right to manage will have to be part of a redress scheme in the future so things can be reported to the ombudsman if things aren't being done etc. Bit if a grey area to be honest, which route would be best. For me, I know what people can be like and having a managing agent do it all for you is one less thing to think about and organise (although they control the costs)

Ah I remember you mentioning this before, leave it with me and I’ll have a closer look into this section that’s been passed. And I really hope it goes in your favour, as you say, they’re in breach as well…

Leasehold Knowledge Partnership are great, try get an appointment for advice, but I believe that they always advise to pay first and then reclaim ot

the Tribunal determines if you are in breach and then the Court decide the consequence.

Yes, you're allowed to approach them and make a fair offer. Personally, it wouldn't surprise me if Labour came in and made it even cheaper to extend your lease. They have said these reforms didn't go far enough. Nothing is promised though, so a small offer of paying a significantly reduced marriage value may be reasonable, especailly since the Conservative plan does actually involve marriage value by a different name

Yes, I would definitely approach them first and see what they say. As long as it’s a ‘formal’ extension rather than an informal one which is usually cheaper and can often include additional clauses. It will give you a starting point and it’s the whole question as to when the new laws come in, people could be waiting years for it

Thanks for the replies guys i shall get onto it right away

Hey, just on the back of your comments I may be being stupid here but was marriage value law passed through too? I also have a flat with 69 years left and have been waiting for this for about 4 years! TIA

@@michellekallenberg8635 yes. Marriage value will not be abolished, despite the headlines. It will be replaced by a new amount to be calculated by the government. Labour have said these reforms don't go far enough, so there is a slim chance that the next government may take further steps to reduce marriage value costs

Whilst it’s a move forward in some senses, the solutions are still going to cost leaseholders money, the system is completely broken

Yes, absolutely!!

Yes! I added it on a comment afterwards as I forgot to mention in the video, thanks for mentioning!

Totally agree with you and great point you have raised as I’ve never looked at it in that way before

This was following a video conference with the NLC today where there was legal professionals there so only relaying from there - but you’re right I think there’s still a lot of uncertainty right now until we have final detail of everything

@@NicoleSage i'm confident you'll update as and when. thanks for a great channel by the way.

@@HarryNicNicholas Absolutely, and thank you, I appreciate it :)

it's really good news, i've been trying to sell for the last six years or more, not only has conveyancing taken up to 13 MONTHS (i live in retirement flats and three residents and someone in my buying chain DIED in the time this took to fall through) and i also extended my lease five years ago - and now it needs doing again, it cost £5000 and £900 to cap the rent, so as i am also in court over service charges (they demand a year in advance when no one pays me a year in advance) this can only be good news all round. it's a shame that both parties backed down on abolishing rent, rent has been the least of my problems, but it still needs to go. saying it is unethical, and then ignoring it, well that's politics.

So pleased it’s going to benefit you and that sounds like the chain from hell, I know how long it can take to go through, with you on the rent side of things, a real shame, let’s see what the new government brings…

@@NicoleSage Just found your channel’ very interesting, will follow you now as you may be able to help me in the future. Would like your opinion and anybody’ else to be honest . I’m 73 , my wife is 67 ‘ We brought a 2 bedroom flat in Maidstone Kent in 2017. £180.000 ‘ on a 999 year lease’ 3 years later we decided to sell’ it sold ok 👍 But when the Buyers solicitors couldn’t find proof of Building regulations’ our solicitor instructed us to approach the local council planning office and apply for retrospective planning regulations? No No 😮 Guess what’ it didn’t have any’ the landlord who had brought the building comprising of 2 x flats and carried out all the refurbishment work’ never contacted the Local Council planning department, requesting buildings regs’ Anyway once the Council came and inspected the property’ they failed it ‘ many things’ including Fire regulations ugh 😩 We will soon be going to court and try and sort this out. My MESSAGE to everyone who buys any property’ especially a leasehold’ Don’t rely on your solicitor’ ours missed the building regulations part’ Do it yourself’ a few phone calls to the council departments ‘ and you will soon discover one of the most important things when buying a property’ Building regulations, Our investment of £180.000 is now worth £000000 Don’t trust anyone especially solicitors and Landlords. Great Channel 👍

@@beastylad7418 Thanks for watching! Oh my gosh, I am so sorry to hear about your situation, it sounds like a complete nightmare and I have seen people in similar situations on Twitter who are going through this now. This is totally negligent of the solicitor, and I hope everything goes well for you in court, even though it's something you should NOT be having to do. Solicitors and landlord are absolutely despicable. Have you been able to contact the landlord over this? As normally they have to conduct fire regulations as part of the management fee, or are they a missing freeholder? I will try and help with feedback in any way, are you also a member of the national leasehold campaign group on Facebook? Strongly recommend joining if not and posting this as well to see if anyone else can help/been through similar; facebook.com/groups/786983251448976

So sorry to hear you're going through this now, it's an absolute nightmare situation to be in. Are you needing to extend the lease? Would you be able to sell? Hope I can help in any way x