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The most common insurance claim in blocks of flats involves water leaks. It is perhaps an accepted hazard of high-density, multi-occupancy, urban communal living. However, as this case study shows, in extreme cases water leaks are a serious problem damaging both property and wealth. Imagine a typical new build with 80 plus units constructed in the last five years, in the midst of the housing construction boom. It could be just one of many attractive new build developments that seduced purchasers with as

"There needs to be a cultural change in the approach to managing service charges" So said the Planning and Housing Committee of the London Assembly in its hard-hitting report into service charges in the Capital, Highly Charged. Around 100 responses were received by the investigating Committee, one of the highest contributions for any such report at City Hall. These responses informed the Committee to decide that the leasehold system is not working as well as it could be and they made nine probing Recomm

A new online property portal has launched to help individuals save thousands of pounds when buying or selling a property. Housetrade.co.uk enables individuals to sell their property privately, avoiding excessive estate agency fees and putting them in control of negotiations and viewings.

The Association of Leasehold Enfranchisement Practitioners celebrated their 5th Anniversary with a dinner in the Riverside Room at the Institute of Electrical Engineers in London. The highlight of the evening was an entertaining after-dinner speech by former Tory Government Minister, Anne Widdecombe. A highly accomplished politician, Anne Widdecombe explained that she had pursued a television career partly to draw attention to issues which would otherwise have been lost and forgotten in Parliament. With s

Leisure facilities are becoming commonplace in private residential developments and can be run safely and efficiently providing there is an effective management plan in place. Failure to manage properly could result in the managing agent or property owner being liable for injury caused by break down or malfunction of equipment in addition to the potential for the managing agent to be responsible for accidents or incidents if the equipment is not maintained properly. Residential gyms are commonly un-staf

In an interview with Janet Entwistle, the new CEO of the Peverel Group, News on the Block have learned more details about the purchase of Peverel and some of the plans moving forward. To facilitate the transaction, a new company was formed as a corporate vehicle to purchase the operating businesses of Peverel from the holding companies.  Janet explained: “£50.7m was paid for the business and £11m in cash was retained.  RBS have provided £25m of debt and that has given us a more suitable capital structur

£62m BUYS PEVEREL OUT OF ADMINISTRATION Peverel bought out of administration £62m transaction £125m borrowings reduced to £25m New CEO & Chairman appointed Peverel Group, the largest residential managing agent in the UK, has been bought by a consortium of private equity companies comprising Chamonix Private Equity and Electra Partners.The holding companies of Peverel were placed into administration in March 2011 and Zolfo Cooper were appointed as administrators.  However, this trans

The Enfranchisement and Right to Manage Awards 2012 (the ERMAs) recognises the excellence and professionalism of all specialists working in this industry both at an individual and company level. The awards will be held at The Congress Centre, 23 - 28 Great Russell Street, London, WC1B 3LS, on May 24th 2012. There awards are judged based on a set of comprehensive entries from industry professionals against a range of specialist criteria which includes quality of service, case studies, technical expertise,

We often hear from clients ‘Is all this “Elf ‘n’ Safety” nonsense necessary, it’s only a residential property after all!’ Sadly “Elf ‘n’ Safety” makes the job of the professional advisors so difficult to put over the very real legal obligations that face our Clients. The formula of exaggeration, half-truth, generalisation and myth-making has created a great British joke, the one about health and safety gone mad. It’s entered our social fabric, something to be shared and ‘tut-tutted’ at over breakfast tab

It’s very important to get independent advice from a chartered surveyor prior to starting the process. Before commencing the lease extension or enfranchisement process, it is always prudent to obtain advice from an independent chartered surveyor as to likely costs. Indeed, it could be a costly error if you discovered once agreement had been reached that you could not afford the premium and the associated costs, which would include your own legal and valuation fees and the reasonable legal and valuation

Imagine a headlease of a block which consists of ground floor commercial premises, common parts, and 20 flats, 15 of which are held by qualifying tenants, four of which are occupied by assured shorthold tenants and one of which is a caretaker’s flat. The nominee purchaser is obliged to acquire the interest of the headlessee insofar as it extends to the 15 flats held by qualifying tenants. It is entitled to acquire the common parts, assuming that the acquisition of the same is reasonably necessary for pro

“The only way is up!” - that certainly seems to be the view of landlords seeking to claim development value as part of the compensation payable to them as part of a freehold purchase under the 1993 Act. As part of the sums payable under the 1993 Act, the landlord is entitled to claim in addition to what might traditionally be called the ‘term and reversion’ and any marriage value – something ‘extra,’ in respect of lost development value. Often the roof is an area where it is at least arguable in a bui