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CMA turns up the heat on new home leasehold scandal
After two years of setting up an investigation, the Competition and Markets Authority (CMA) 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, seeing owners facing huge bills they had not expected. Persimmon has now broken cover and said it will remedy the situation.
It will give buyers 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 if other NHBs don’t 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. One wonders if the solicitors who did the original conveyancing will get caught up in this debacle.
CRM Reapit begins joint conveyancing trial with Law Society
The mighty Reapit and 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 the Government thinking that buyers should have a deeper knowledge of property upfront. It remains to be seen how my estate agent brethren will take to it.
YOTI eConversations: Technology trends and strategy in the property sector – 8th July
On the 8th July, YOTI will be hosting a webinar outlining where the property industry is going. Robin Tombs, CEO of Yoti, and real estate tech luminary Gary Barker will be there alongside yours truly, Andrew Stanton. It will be a session of really useful insight into what is going on; insight, humour and all your friends. See you there.
Here’s the registration link. Listen in between 11.00 and 12.00 on 8th July.
Peter Everett leaves Offr 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, compared to the same period instructions are down by 25%. This may be the Euros, end of SDLT holiday, or holidays themselves. At this rate, a slowing of new stock to the market, traditionally in late July, might mean that the steam is, at last, coming out of the market.
Andrew Stanton is the founder of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.