BREAKING NEWS – top 5 stories 24/06/2021
CMA TURNS UP THE HEAT ON NEW HOME LEASEHOLD SCANDAL
After two years of setting up an investigation, where the CMA (competitions and Marketing Authority) looked closely into the widespread practice of making some new homes subject to a leasehold agreement, where charges could be racked up, making some properties unsaleable, and owners facing huge bills they had not expected – Persimmon has now broken cover and said it will remedy the situation.
It will allow buyers to have the option to buy the leasehold interest, so they are in charge, and remove clauses that are considered unfair. The CMA has made it clear that is other NHB do not fall in line they can expect to be prosecuted.
Many buyers bought properties, oblivious to what the leasehold provision tied them into, and many of the freeholders became freeholders to the leases as they were a good financial return. I wonder if the solicitors who did the original conveyancing will get caught up in this debacle.
CRM REAPIT BEGINS JOINT CONVEYANCING TRIAL WITH LAW SOCIETY
Mighty Reapit with CCO Paul Starkey, are starting a test phase of the use of the Law society’s new baby the TA6 Part 1 transaction form. This follows government thinking that buyer’s should have a deeper knowledge of property upfront. It remains to be seen how my little estate agent brethren will take to it.
8TH JULY – YOTI HOST TECHNOLOGY TRENDS AND STRATEGY IN THE PROPERTY SECTOR
Soon YOTI will be hosting a Webinar outlining where the property industry is going, the CEO Robin Tombs, and Real estate Technology luminary Gary Barker will be there, with myself, it will be a really useful insight into what is going on. Insight, humour and all your friends, see you there.
To listen in between 11 and 12 – on the 8th of July –
https://zoom.us/webinar/register/4116233108572/WN_Vv8AVhq_Qc-zZSLNLjsklw
PETER EVERETT LEAVES OFFR AND NOW IS TO BE COMMERCIAL DIRECTOR AT YOPA
YOPA is looking to beef up its ability to grow, with the news that ex-Offr man Peter Everett is going to be heading up their strategy. Previously Peter was at Hamptons for a long period.
INSTRUCTIONS DOWN BY 25%
In the latest analysis of homes coming to the market, comparing the same period, instructions are down by 25%, this may be the Euros, end of stamp duty holiday, or holidays themselves, but at this rate a slowing of new stock to the market, traditional in late July, might mean that the steam is at last coming out of the market.
You May Also Enjoy
HMRC ramps up scrutiny of residential property valuations as it cracks down on inheritance tax avoidance
Renters urged to understand their new rights before major law change
The Foundation of Your Home: Why Your Subfloor Dictates Your Flooring Destiny
Almost £1.4m difference in property prices between the start and finish lines of London Marathon
Demand drops year-on-year for commercial property from high base
