A feudal real estate system, fitting for a feudal country which still has a monarchy, despite recent scandals proving how coming out of a royal vagina does not make you a better person…
jarry1250 on
The article doesn’t address if they are freehold or leasehold covenants, but it’s unlikely any of this would stand up in Court. It’s just an attempt but the new owner to get some quick cash.
Cam2910 on
That’s an interesting one.
On the one hand, covenants are there and agreed upon during sales, they kind of need to be binding in most instances, so invalidating these could set a precedent for other more important covenants.
On the other, what an absolutely predatory way of going about fleecing unsuspecting homeowners of thousands of pounds.
RightSaidJames on
The point of these modification-related covenants is to protect the developers’ investments while they’re still building up the estate and selling off the outstanding properties. Once the developer has skipped town, covenants related to keeping all the properties looking uniform should be considered irrelevant.
SushiRollFried on
Yeh this is typical of developers. Thats why you should always seek independent legal advice. Don’t get screwed over
PerLin107 on
That sucks. They should.get group legal representation. Don’t undeetand why the homeowners were not made aware of the covenants upon purchase as they seem.quite onerpus or maybe they thought that they didnt apply to them.
CreditBrunch on
Apparently the covenants are being imposed due to being “approached by relevant parties, including prospective purchasers, sellers, mortgage lenders, conveyancers, and solicitors”.
But 10 of the properties targeted aren’t even for sale.
This is basically a get-rich-quick loophole this company has found.
Just legalised extortion by conscience-free people.
Overall_Gap_5766 on
Covenants on housing estates are insane. There’s no possible justification for them.
Edit – In that article the company director Fraser Karlsen notes that ‘Asset Invest own over 2,300 titles throughout the UK’. How did they pay for these if not through the company? If it’s been trading these dormant accounts can’t be the basis of anything for a Corporation Tax return.
AmazingRedDog on
I kinda misread the title that the _residents_ bought the road for £1, but no it was an asset management company who then fleeced the residents.
“”The annexe was built for my partner’s parents who had disabilities and we look after rescue dogs, so we had six-foot fencing done but in the title deeds it says that it should be chain link fencing,” Cowley-Wenham said.”
Sounds like these residents are being responsible dog owners and this predatory company is out to thwart them.
If they’re forced to replace their safe wooden fencing with ugly chainlink, who gets the blame when a passing child sticks their hand through the fence and gets bitten, or when the dog suddenly finds it easier to climb and escape?
ThinkAboutThatFor1Se on
Same scam Private Eye were investigating. Not sure if it’s the same guy.
Electrical_Business2 on
“Dr Kieran Mullan, the MP for Bexhill and Battle, is working with the residents….”
Yup, their screwed if their relying on that chump to help them. Potentially the most useless MP in the pack. Imagine being a qualified medical doctor and choosing NOT to help people for a living.
shaneo632 on
I bought a house recently that has a covenant about changing the exterior of the property. Seemingly put in place to ensure the properties maintain a consistent look while the estate is being built. Our neighbours modified theirs without issue thankfully. Seems like a ton of potential for a racket
15 Comments
A feudal real estate system, fitting for a feudal country which still has a monarchy, despite recent scandals proving how coming out of a royal vagina does not make you a better person…
The article doesn’t address if they are freehold or leasehold covenants, but it’s unlikely any of this would stand up in Court. It’s just an attempt but the new owner to get some quick cash.
That’s an interesting one.
On the one hand, covenants are there and agreed upon during sales, they kind of need to be binding in most instances, so invalidating these could set a precedent for other more important covenants.
On the other, what an absolutely predatory way of going about fleecing unsuspecting homeowners of thousands of pounds.
The point of these modification-related covenants is to protect the developers’ investments while they’re still building up the estate and selling off the outstanding properties. Once the developer has skipped town, covenants related to keeping all the properties looking uniform should be considered irrelevant.
Yeh this is typical of developers. Thats why you should always seek independent legal advice. Don’t get screwed over
That sucks. They should.get group legal representation. Don’t undeetand why the homeowners were not made aware of the covenants upon purchase as they seem.quite onerpus or maybe they thought that they didnt apply to them.
Apparently the covenants are being imposed due to being “approached by relevant parties, including prospective purchasers, sellers, mortgage lenders, conveyancers, and solicitors”.
But 10 of the properties targeted aren’t even for sale.
This is basically a get-rich-quick loophole this company has found.
Just legalised extortion by conscience-free people.
Covenants on housing estates are insane. There’s no possible justification for them.
Interesting how Asset Invest Ltd, a dormant company which has had £1 of share capital since incorporation, was able to put land for [auction](https://www.chesterstandard.co.uk/news/24256379.knutsford-plot-land-cranford-avenue-market-7-5k/).
Edit – In that article the company director Fraser Karlsen notes that ‘Asset Invest own over 2,300 titles throughout the UK’. How did they pay for these if not through the company? If it’s been trading these dormant accounts can’t be the basis of anything for a Corporation Tax return.
I kinda misread the title that the _residents_ bought the road for £1, but no it was an asset management company who then fleeced the residents.
Bastards.
Let them know your thoughts here – https://www.asset-invest.uk/contact
“”The annexe was built for my partner’s parents who had disabilities and we look after rescue dogs, so we had six-foot fencing done but in the title deeds it says that it should be chain link fencing,” Cowley-Wenham said.”
Sounds like these residents are being responsible dog owners and this predatory company is out to thwart them.
If they’re forced to replace their safe wooden fencing with ugly chainlink, who gets the blame when a passing child sticks their hand through the fence and gets bitten, or when the dog suddenly finds it easier to climb and escape?
Same scam Private Eye were investigating. Not sure if it’s the same guy.
“Dr Kieran Mullan, the MP for Bexhill and Battle, is working with the residents….”
Yup, their screwed if their relying on that chump to help them. Potentially the most useless MP in the pack. Imagine being a qualified medical doctor and choosing NOT to help people for a living.
I bought a house recently that has a covenant about changing the exterior of the property. Seemingly put in place to ensure the properties maintain a consistent look while the estate is being built. Our neighbours modified theirs without issue thankfully. Seems like a ton of potential for a racket