The Progressive Property Podcast Fleeceholders: Are Leaseholders pulling the WOOL over our eyes? Service Charges Scandal
Alana joins Kev in this episode to talk about leaseholders and service charges. They discuss why this may be the next scandal and how the government, councils and owners can tackle the problem. They also talk about why new builds are never a good investment strategy as a house buyer and the inflated prices they charge.
KEY TAKEAWAYS
- Some developers are claiming the leasehold charges are for the upkeep of things like roads and playparks.
- Developers may build parks to get planning in areas that previously would be refused.
- These leasehold properties on new builds aren’t transparent. Many house buyers are completely unaware of what they are buying into.
- Kev believes that these types of leasehold charges on new houses should be banned. We pay enough council tax that councils should be paying for roads, parks etc…
- New build houses are always sold for an inflated price.
- Legislation should be targeting the bad 5% of tenants and landlords, not the good 95%. Most current laws and legislation are hurting the good tenants and landlords.
BEST MOMENTS
“New build developers are advising houses for sale but they are being sneaky”
“This just screams dodgy to me”
“You’re almost living on a toll road when you move into one of these estates”
“They’re creating a legacy for generations to come”
“It’s kind of a legal-robbery”
“95% of landlords are great but it’s the 5% that give them a bad name”
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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