To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter. Open Data Institute Wisely, Brokenshire last night said while he was minded to cap ground rents at £10 a year, retirement homes would be exempt. 2014-10-24 £235,000, 9, St. Richards Lodge 30 per cent of the space in our developments is non-saleable. 2014-04-16 £180,950, 10, St. Richards Lodge Now at least we know there is a reason. “In the event that we are included in that ban we cannot pass that cost on to our customers. Rosemary told MoneyBox reporter Tony Bonsignore that after she was widowed, and had had a breakdown, she moved into the one bedroom apartment, acknowledging that the community there had helped her get over her husband’s death. Over time that would be a significant input into the market. London N1 9AG, Copyright © 2020 Leasehold Knowledge Partnership | All rights reservedLeasehold Knowledge Partnership Limited (company 2010-05-28 £209,950, 28, St. Richards Lodge This is just a small charge which goes on top and it is very transparent. McCarthy and Stone told The Times yesterday that there would be fewer of its form of retirement flats if the government reduces ground rents to a minimal – peppercorn – rate. 2011-10-27 £187,950, 33, St. Richards Lodge 2011-12-08 £209,950, 40, St. Richards Lodge Mr Fenton replied: “We have been tracking the value of our properties sold over the last five years that we manage ourselves which we have been doing since 2010. Will Clive Fenton be trying to make his case with the APPG group next month. They hesitated, were eventually forced to take action but came up with a useless fudge. We were seeking to increase our homes to 3,000 homes per annum. It is still a private company run by the McCarthy family. “As you go on, the value of the property becomes less and less and you are giving more and more to the companies that are demanding it.”. We don´t apply the Sale Of Goods Act to NEW Cars & Houses & Flats – we should. So wake up M&S and get it sorted now. Stunning retirement development of one and two bedroom apartments, built by Churchill Retirement Living. Churchill Lodge is an exclusive development of 51 one and two bedroom retirement apartments in the heart of Lilliput. Mr Lewis pointed out that MoneyBox research last year showed that the average McCarthy and Stone flat sold for 17% less when it was sold second hand. Ditto Alcohol Abuse & Obesity Is Mr Fenton seriously trying to kid us that the communal areas represent 30% of the total area of each Development? Churchill Retirement Living is built on integrity and trust. Lets have the updated Lemon Laws effective 2025. “The second point is, what are ground rents for? Leasehold Knowledge Partnership Churchill Retirement. “And this is just making it significantly more difficult for us. With Ground Rents of £600 per annum and increasing, a £150000 donation is a small price to pay. 5th Floor The programme was an unvarnished interrogation of the volume retirement housing market, involving two companies that have contributed the most to the relatively small scale of the sector in the UK. The problem is with the volume housebuilders, who have depended on ground rents in the past. Ostensibly this is to maintain good and consistent standards of management the reputation of. Collected by Millstream Management every 6 months What a frightening prospect that is. Churchill Retirement Living is built on integrity and trust. A 19% increase. 2017-03-24 £140,000 They don’t want to pay ground rent. 3. We are manipulated on a daily basis, if I had my way, there would be no lodge manager, whose Alex Chalk MP recently visited Churchill Retirement Living’s Lewis Carroll Lodge in Cheltenham to see the retirement developer’s pioneering use of ground source renewable heat pump technology, which cuts its CO₂ emissions by as much as 75% and reduces energy bills for the apartment owners.. In fact, McCarthy and Stone in the past sold its ground rent portfolio to a private equity investor, Vincent Tchenguiz through his so-called Tchenguiz Family Trust in the British Virgin Islands. ... to light in 2017 after it emerged that developers had been selling leasehold properties with high fees and spiralling ground rents … message just 3 minutes ago – why don´t you ? in the UK it is almost like a Car Boot sale pot-luck lottery ticket. Financial highlights. 2016-08-16 £255,000, 32, St. Richards Lodge View floor plans, photos, and community amenities. We are proud to say we have a trusted, quality product. This enables us to provide extensive communal areas – such as the Owners’ Lounge, Guest Suite and other facilities – which are an essential ingredient to the lifestyle on offer at our developments. Advising leaseholders. The only way we have is to reduce the amount we can pay for our land. Residents were systemically price fixed. 2011-05-20 £169,950, 36, St. Richards Lodge Mr Fenton replied: “There is a small premium [above local market prices], but not very much, frankly, in terms of the payment of this. It is a sheer fact. Mr Fenton replied: “Well, we think there is something like 4.5 million in the UK who would consider downsizing …”. The real issue McCarthy & Stone will face if ground rent charges a presently constituted is outlawed they lose a substantial income stream that not only serves to support their business model, but Crucially it serves to disguise the true cost implications of the McCarthy & Stone “lifestyle experience” His argument will be torn to shreds. Significant changes were made under Mr Fenton’s stewardship of McCarthy & Stone. Churchill and rivals such as McCarthy & Stone are awaiting a government update on the proposals. ... May I add something about the escalating ground rent in the lease that I am reading for a shelterd home. decades. Previously McCarthy & Stone developments were funded by debt to such an extent that at their nadir they ended up nearly £900,000,000 in debt (before being re-financed and effectively run by the banks) Avoiding disasters. 2010-02-26 £199,950, 17, St. Richards Lodge 2009-05-15 £230,950, 21, St. Richards Lodge Churchill is independently owned by Spencer and Clinton McCarthy, so family values are embedded throughout the business, meaning passion, pride and quality underpins everything we do. In the USA they have LEMON LAWS that concern CRAP NEW & USED CARS. At least their leaseholders now know where some of their ground rent is going. 2011-04-28 £184,950, 29, St. Richards Lodge Ditto Knife Crime All it needs are amendments to the Sale Of Goods Act to cover “The ground rents we are all facing are a massive increase for pensioners, many of whom had no idea it was coming.” It is a similar story at St Richard’s Lodge, Chichester, a Churchill site. Ditto Vehicle Pollution Service levels declined. That said dangers lurk ahead. 2014-10-09 £165,000 On top of that, the ground rent is a further £415 a year. This figure is up to date to May 2018. arises. It has to be acknowledged that the purpose of taking management “in house” has largely been vindicated. But this is a false claim since it cannot be independent if it is controlled by Churchill Retirement . “So we use the ground income to pay for those and it stops us having to put the prices up of our apartments.”. London N1 9AG, Copyright © 2020 Leasehold Knowledge Partnership | All rights reservedLeasehold Knowledge Partnership Limited (company charity (number: 1162584) with the Charities Commission.Website by Callia Web, Please exempt retirement housebuilders from ground rent ban, pleads Sir Desmond Swayne, ARCO snubs McCarthy and Stone / Churchill by saying there is no need for ground rents, McCarthy and Stone: Ground rents are not the future of retirement housing, Our ground rents are fair, says McCarthy and Stone (even though they go up to £600 and are for no service whatsoever), APPG July 11: The case for ground rents from McCarthy and Stone, Louie Burns publishes £2.63 ebook guide for leaseholders, Ground rents are essential to McCarthy and Stone’s business model – Better Retirement Housing. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. of strict oversight from 10 Downing Street : it did almost nothing for decades. 2011-11-28 £189,950, 23, St. Richards Lodge The need to raise extra funds has been flagged up. Our view is: change your model.”. of these areas are covered as you say, by the residents, its a win win situation for Management. Their argument is that the ground rents – which are high in retirement … 2.I notice he avoided saying that the continuing repair, maintenance and refurbishment of the communal areas is paid for by the residents out of the Service Charges. “But that makes you even more insignificant,” said Mr Lewis. Urging reform. Consensus Business Group. Whereas they could have enhanced their reputation, by not acting properly and fairly, their reputation has taken an almighty plunge. That Mr Fenton makes mention that 30% of the development is unsaleable. Stay in Touch See all available apartments for rent at Churchill in Minneapolis, MN. It is to keep a Government in power that will allow ground rents to be collected for no reason at all. He also implied that restaurants were a common feature in retirement developments. A huge ‘thank you’ to LKP for an outstanding service appreciated by so many. Radio 4’s MoneyBox quizzed retirement housebuilders McCarthy and Stone and Churchill Retirement Living on Saturday about their efforts to escape the government crackdown on ground rents. 2017-03-16 £177,250 Secretariat of the All Party Parliamentary Group on leasehold reform. Churchill Retirement has led the rear-guard action to exempt retirement housing from the government’s three-times repeated promise to reduce new ground rents to zero. “For us in the retirement industry ground rents are very important because we provide a significant amount of shared services within the developments which have to be paid for. We do not have to speculate. 2011-07-29 £196,000, 16, St. Richards Lodge 2016-01-19 £150,000 Bogus charges were introduced. “We pay £655 a year and we get absolutely nothing in it. 2009-11-06 £219,950, 27, St. Richards Lodge McCarthy’s shares leaped 6% on the news today. You can see it already in our numbers. Sign Up for Newsletter. We only have to look back in history to see what happened the last time McCarthy & Stone slid into financial pressure when connected with Peverel/FirstPort and the Tchenguiz Family Trust. MoneyBox established that the freehold of an average 40-apartment site would sell for around £600,000, or £15,000 per apartment. Indeed, the trade body Association of Retirement Community Operators opposes ground rents. Ground rent £625 per annum. 2011-08-31 £279,950, 42, St. Richards Lodge The problem is that there has been no government support for our sector compared to the first-time buyer market. And they don’t want to pay more than for an ordinary flat locally on the open market?”. They don’t want to pay big service charges. https://staging.leaseholdknowledge.com/category/news/mccarthy-and-stone Make Churchill your new home. cowboys & spivs. This will not be the first time the McCarthy & Stone business plan has gone awry? Broadly put, a lease agreement is a contract between two parties, the lessor and the lessee. has been neglected by Parliament for so long ……. “So, we sell that to an institutional investor.”. You are moaning & complaining after the event. Ground rent is an agreement between a landlord and a tenant, where a tenant pays for the right of using a plot of land. We communicate it to our customers and they know exactly what they are paying.”. “But isn’t that because your properties are sold above market price anyway?” asked Mr Lewis. To retain ground rents, by any chance? Maybe best to keep paying the £600pa. Designed and installed by sustainable energy company The Renewable Design Company – … Mr Fenton replied: “There have only ever been 161,000 retirement homes ever produced for sale …”, Mr Lewis said: “So it is a broken model, isn’t it? 2012-05-31 £212,000, 20, St. Richards Lodge “Our ability to buy land will be reduced [if we are not exempted from the ground rent ban] and that will affect supply. Dumb Arses Everywhere : New Build Flats & House that are sometimes CRAP quality. This will vary but be prepared to pay in the region of £3,000 to £4,000 per annum and expect it to rise annually. This organisation is literally the son of McCarthy and Stone. ———————————————————————————— Our responsibility is to develop more homes for people. 2012-02-15 £269,950, 37, St. Richards Lodge A leaseholder usually pays a large amount upfront and a smaller amount of ‘ground rent’ to the freeholder (the landlord) each year. [1] Property, buildings and vehicles are common assets that are leased. Mr Fenton said: “We don’t think it is a broken model. “It is an incredible loss to take. Exposing abuses. You don´t own the bricks , the floor-boards and joists , the roof tiles or the fire-place. 2014-05-23 £230,000, 2, St. Richards Lodge Ground Rent: £566 per annum. We believe Adriatic Land to have significant private equity involvement, and it doubtless owns other McCarthy and Stone freeholds. number: 08999652) is a company limited by guarantee that is a registered And I thought : Why don´t we have those Lemon Laws here in the UK? How many potential McCarthy & Stone customers would buy into the McCarthy &Stone” lifestyle experience” if they used the name of one of their owners such as Goldman Sachs? Churchill Retirement has led the rear-guard action to exempt retirement housing from the government’s three-times repeated promise to reduce new ground rents to zero. MoneyBox then asked whether this loss would matter much: McCarthy and Stone only expects to build 2,100 units this year and there are one and half million retired people who want to downsize. Leasehold Knowledge Partnership is really substandard then the Buyer can pull out and get the Money Industrial or business equipment is also leased. Kings Place Biggest mistake ever. McCarthy & Stone was undoubtedly trashed by the Peverel/Firstport connection. Ditto Vehicle Deaths & Injuries (including the EEC) After 10 years of banging my head against a brick wall, l am beginning to wonder whether it has been worth it, When all that time I could have been in the happy brigade. 2012-04-20 £199,950, 1, St. Richards Lodge We depend on individuals for the majority of our funding. If you don´t want to pay Ground Rent …….. why did you buy the Lease ? 2011-07-06 £169,950, 18, St. Richards Lodge My advice to M&S and Churchill would be to come clean and either scrap or considerably reduce ground rents now. In December 2016 I strongly advised Taylor Wimpey to properly sort out their Ground Rent problem. Open Data Institute If these properties were sold to buyers who needed mortgages in many cases they would be ineligible as the ground rents are higher than 0.1% of the sales price. Churchill Retirement donates £150,000 to Conservatives. Ditto Keith Lemon. charity (number: 1162584) with the Charities Commission.Website by Callia Web, Please exempt retirement housebuilders from ground rent ban, pleads Sir Desmond Swayne, Government will cave in to retirement house builders over ground rents, says Times, McCarthy and Stone: Ground rents are not the future of retirement housing, Retirement housebuilders and speculators plead to be allowed ground rents in the Evening Standard, After ground rents and cladding … now lenders won’t touch rip-off ‘fleecehold’ properties either, BBC reports. 2011-11-30 £189,950, Category: Ground rent scandal, HomeSlider, Latest News, McCarthy and Stone, News, PressTag: BBC R4 MoneyBox, Churchill Retirement Living, McCarthy and Stone. number: 08999652) is a company limited by guarantee that is a registered Otherwise this will “snowball”, become a massive issue, and their reputations will take a huge dive. 2011-05-27 £179,950, 15, St. Richards Lodge 2012-05-04 £90,000 “Things like lounges, kitchens, dining rooms, house managers’ offices, mobility scooter stores. 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