Good story – in the very bad sense – in the Daily Mail of a woman who bought a flat in South London where the ground rent rises to £1 million a year in 50 years time – after doubling every five years.
God knows how Carole Patterson,44, an HR administrator and mother of two, managed to buy this property in East Dulwich, or a solicitor sign it off or a mortgage lender issue a loan on something so utterly toxic.
The 22 flats at Biscop House in Sunderland are owned by buy-to-let investors, but freeholder Israel Moskovitz won’t budge from the board of the RMC until they have paid up outstanding demands
North London freehold investor Israel Moskovitz, who is punctilious in resisting right to manage applications in the courts, sits as a director of a residents’ management company in Sunderland when he is not even a leaseholder.
The leaseholders have held an EGM to boot him off the board of Biscop House Management Company Limited, but he won’t go until outstanding debts have been settled up.
Rendall & Rittner, a leading managing agent, boasts to leaseholders that it does not take commissions on block insurance, but it does own an offshore ‘captive’ insurance company in Guernsey that routinely makes a 40% profit on premiums.
LKP has been contacted by concerned leaseholders, and the issue was raised with the Financial Conduct Authority by LKP attended by the three APPG co-chairs – Sir Peter Bottomley, Justin Madders and Sir Ed Davey – on April 26.
