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Ground Rents Income Fund plc, a listed real estate investment trust (REIT) investing in UK ground rents, has announced it is now 50% invested following its IPO in August 2012. The fund has recently invested in several landmark new-build developments including Clapham One in South West London (for £1 million )and One Park West in Liverpool, acquired for £2.7 million. James Agar, Investment Director of Braemar Estates, Adviser to the Company said: “The Company has been successful in acquiring assets which

The Government has been challenged in the House of Lords on the existing costs limit in the LVT.  In a Parliamentary debate, Baroness Gardner asked Government Minister Lord McNally whether he was aware that “...when the leasehold valuation tribunal was set up, the aim was to make it within the reach of every leaseholder to be able, for the amount of £500, to bring his case to the tribunal?” and “...that now many landlords-whether they win or lose, even if they have no hope of costs-are charging their heav

A frosty chill settled on managing agents, landlords and flat owners across the country in January 2013 - and it was not caused by the snow.  Instead, the impact of the recent High Court decision in Phillips v Francis has caused confusion, doubt, despair, and even anger as a coach and horses was effectively driven through the existing major works regime.   Giving one of his final judgements before retiring on 10th January 2013, Sir Andrew Morritt, the Chancellor of the High Court ruled that, without app

The recent High Court case of Phillips and Goddard v Francis (2012) arguably turns the current agreed approach to Section 20ZA(2) major works on its head, with a requirement to consider qualifying works as a whole when seeking recovery of the costs through the service charge. Cass Zanelli of specialist property management law firm, Brady Solicitors, explains the potential impact of the case for property managers. Whilst major works on an estate have always been somewhat of a hot potato for managing agents

In recent weeks, there have been many column inches filled with people’s views about managing agents and how ‘regulation’ is needed to solve leaseholders’ problems. Whilst I agree that something needs to be done, I get upset by the common notion that “managing agents” are ripping off leaseholders – and “managing agents” need to be controlled. The upsetting part is the concept that “managing agents” are all the same – managing agents are all ‘bad guys’ – and by implication, I am a bad guy. In my 30+ ye

The winners of the The Blockinsure News on the Block’s Property Management Awards 2012-2013 (the PMAs) were revealed at a glittering award ceremony held at The Troxy and hosted by celebrity, Dominic Holland on Thursday December 6th 2012. We received a huge amount of entries for this year’s The Blockinsure News on the Block’s Property Management Awards, demonstrating the dedication and passion (and competitive nature!) of those working in the industry. During a gruelling session, the independent judgin

Vincent Tchenguiz and others are claiming around £200m in damages from the Serious Fraud Office. The damages  arise in relation to the unlawful entry search and seizures at the offices of Consensus Business Group and Vincent Tchenguiz home in March 2011 as well as the arrest and investigation connected to this. The BBC has previously reported that the annual budget for the SFO is just £33 million. Vincent Tchenguiz, said: “My reputation suffered serious damage during the 15 months between my arrest an

Ground rents are often described as providing a seemingly risk-free, high-yielding investment to the owner; however this is a common misconception amongst smaller investors or owners that have inherited a small portfolio or own them as bi-product of developing. The legislation of ground rent management is extensive. Designed to protect leaseholders from overcharging, it provides opportunity to dispute such matters at little cost. This can result in smaller freeholders being left out-of-pocket for i

1. STREAMLINE YOUR PROCESSES AND WORKFLOWS Start by assessing your current processes and workflows, making sure that you optimise all manual processes before beginning any automation. Now create a process map to capture all your processes and procedures. A visual map of activities and information flows help you understand exactly what happens, whether in requesting and managing maintenance works, issuing service charge demands or reporting to landlords. It is likely you will be able to identify immediate

Here are some questions any interested party should raise about ARMA-Q, the proposed new self-regulatory regime from trade body the Association of Residential Managing Agents (“ARMA”) - along with some answers provided by ARMA:   1. How can the new proposed Regulator be seen to be “truly independent” when it is ultimately appointed by and accountable to ARMA’s Governing Council and financed by ARMA? Can the Regulator demonstrate sufficient operational independence? ARMA- It is worth remembering that AR

For those of us that have pondered if a self-catering hotel or an office could also be a house, we have been in good company. In the widely reported conjoined case of Day v Hosebay and Howard de Walden Estates Ltd v Lexgorge (2012), the Supreme Court concluded that commercially used buildings will not qualify as houses for the purposes of an enfranchisement claim under the Leasehold Reform Act 1967. The 1967 Act gives the tenant of a house held under a long lease the right to compulsorily acquire the free

The factors to consider when assessing whether a licence is required or whether a letter of consent will suffice or indeed whether works need any consent are numerous but will for the most part be dictated by the Lease. Other advice might be contained within a buildings own Rules & Regulations and/or specific Licence To Alter Guidance. Let’s assume a licence is required and that you appoint a surveyor on behalf of the Landlord to advise and report on the lessees proposals which are deemed not insignific