Barratt Developments Share Discussion Threads

[inaminute] 10/9/2020 12:08

Just popped in to see if you are a fool on all the building boards. I see you are. Filtered.

[porsche1945] 10/9/2020 12:01

Outlook for U.K. under wheezing fat Johnson and the brexit loonies looking pretty bleak.

[buywell3] 08/9/2020 22:42

mirrors see I smoke and also see
duty of stamp house part it plays
sector building weakening I see
pain is there track down coming soon

[arja] 08/9/2020 10:11

you must be some sort of imbecile to think I am shorting based on what I said . But I notice you have a very low IQ and are uneducated by the "looser" comment. It is spelt
LOSER ! Incidentally , I have no position in BDEV and have not traded it in last 3 months !!

[arja] 06/9/2020 11:24

whoops- sorry for double dose above

[arja] 06/9/2020 11:23

lied to me as had said there were no service charges ! Seems that some solicitors are not doing their job correctly and why it is best to do own conveyancing if one is literate with a modicum of intelligance and can ignore the scare tactics of solicitors who naturally want to protect their easy bread and butter money .

[arja] 06/9/2020 11:20

I have always done my own conveyancing when moving house in last 40 years after reading the book by the late Michael Joseph " the conveyancing fraud " and it is still my bible and only a few changes to the "conveyancing RITUAL " over the years . I withdrew from a purchase 2 years ago after reading the terms of the service charge on a few years old property and seeing the way it might escalate over the years . The owner lie

[arja] 06/9/2020 11:20

I have always done my own conveyancing when moving house in last 40 years after reading the book by the late Michael Joseph " the conveyancing fraud " and it is still my bible and only a few changes to the "conveyancing RITUAL " over the years . I withdrew from a purchase 2 years ago after reading the terms of the service charge on a few years old property and seeing the way it might escalate over the years . The owner lie

[eggbaconandbubble] 04/9/2020 14:23

'Kahn RR? sport'. Golly Gosh. Does it have a private number plate too? :-)

[porsche1945] 04/9/2020 14:18

@Riley and Egg.

How you getting on with these then hahahahaha

Actually I drive a Kahn RR Sport.

Will get back in on these at about 1.50 when the U.K. goes into freefall shortly and the government collapses (not far off)

[sikhthetech] 04/9/2020 13:29

Nick
"I don't agree with your passing the blame to Help to Buy".


It's on the Government website in black and white (or red and black!!)
Implies that HBs are allowed to sell New Builds as Leasehold.

I've followed the Help to Buy news for over 2 yrs.




From the government website:

"With Help to Buy: Shared Ownership you can buy a newly built home....Shared Ownership properties are always leasehold."






"What's the point of paying solicitors"

The solicitors were recommended by the HBs.

Parliamentary document - Leasehold reform.

Housebuilder's were recommending the solicitors to use...



While developers have been accused of providing misleading sales information or
imposing onerous terms in leases, ultimately it was the responsibility of conveyancing solicitors to ensure prospective purchasers of leasehold properties were aware of the ownership structure and lease terms and their effect. It is the conveyancing solicitors, as opposed to the developers, who could be legally liable for failing to highlight these terms to prospective leaseholders. It was concerning, therefore, to hear several reports from leaseholders that they had been advised, incentivised or required by the developer to use a specific conveyancing solicitor, who subsequently did not advise them of onerous terms in their leases.

[nick rubens] 04/9/2020 13:14

cheers sikhthetech

I don't agree with your passing the blame to help to buy. The whole thing is just greed and exploitation and that's nothing new in this country, sad to say.

It's time to make 'freehold' compulsory when purchasing houses. The idea that you can purchase a house but someone else owns the land, and then can, and then will exploit you for money is just a scam and nothing less.

And then what's the point of paying solicitors for conveyancing when they don't WARN you it's riddled with dangers financially?

[eggbaconandbubble] 04/9/2020 12:55

Do you really believe that the freehold management companies bought the leases in good faith? No way!

Compensation? Good idea! As you say - all colluding parties, solicitors, builders et al.

Remember that pretty much all those involved will have a beneficial share or agreement with the current freeholders. Read off shore shareholding, parent companies. etc.etc.

The whole thing stinks but is typical of much business practice both in the private and public sector.

[sikhthetech] 04/9/2020 11:37

Egg,
It's been going on since Help to Buy scheme was introduced, ie 2013.

HBs sold the freehold onto Freehold Management companies, who bought the freehold in good faith.


Why should they then be responsible for paying all the fees and HBs not?

What about the stress caused, the mis selling by solicitors? Who will compensate for that?

[sikhthetech] 04/9/2020 11:29

Nick,

The redress of the leasehold scandal has been ongoing for over a year.

The scandal arose out of Help to Buy scheme, introduced by the government. It was exploited by HBs, solicitors, Freehold management companies etc.
Some of those freeholds have already been sold on to Freehold management companies.


Who would you jail, the government for coming up with Help to Buy, the HBs for using the scheme, the solicitors for not pointing out the onerous terms?

It's not a simple remedy, which is why it's been going on for several years.

The Help to Buy scheme is flawed and I think we will see the loans as toxic in the future.

[nick rubens] 04/9/2020 09:22

The whole 'leasehold' nonsense when buying houses is scandalous and a con from the outset.

I doubt there will be any serious repercussions myself except possibly to change the terms of the leases to more reasonable and fair terms (whatever that might be), though there is a case for the conveyencers to be held accountable, but they are all in on it for the easy money IMO.

I would jail those involved in exploitative leases and make leaseholds illegal when buying houses and the land should come with it as standard. It's simple to remedy really.

[scepticalinvestor] 04/9/2020 07:17

RNS Number : 0099YCompetition and Markets Authority04 September 2020 Leasehold homes: CMA launches enforcement actionThe CMA is launching enforcement action involving 4 leading housing developers it believes may have broken consumer protection law in relation to leasehold homes.As part of its ongoing investigation, the Competition and Markets Authority (CMA) is today opening enforcement cases focusing on certain practices of:·    Barratt Developments·    Countryside Properties·    Persimmon Homes·    Taylor WimpeyThe move comes after the CMA uncovered troubling evidence of potentially unfair terms concerning ground rents in leasehold contracts and potential mis-selling. It is concerned that leasehold homeowners may have been unfairly treated and that buyers may have been misled by developers.The CMA's action relates to the following areas of concern:·    Mis-selling-      Ground rents: developers failing to explain clearly exactly what ground rent is, whether it increases over time, when increases will occur and by how much.-      Availability of freehold: people being misled about the availability of freehold properties. For example, the CMA found evidence that some people were told properties on an estate would only be sold as leasehold homes, when they were in fact later sold as freeholds to other buyers.-      Cost of the freehold: people being misled about the cost of converting their leasehold to freehold ownership. When buying their home, the CMA found evidence that some people were told the freehold would cost only a small sum, but later down the line the price had increased by thousands of pounds with little to no warning.-      Unfair sales tactics: developers using unfair sales tactics - such as unnecessarily short deadlines to complete purchases - to secure a deal, meaning people could feel pressured and rushed into buying properties that they may not have purchased had they been given more time.·    Unfair contract terms - ground rents-      The use of unfair contract terms that mean homeowners have to pay escalating ground rents, which in some cases can double every 10 years. This increase is built into contracts, meaning people can also struggle to sell their homes and find themselves trapped.Alongside these issues, the CMA will also be looking further into ground rent increases based on the Retail Price Index (RPI) and may take enforcement action should it find evidence of unfair practices in relation to these. In particular, the CMA is concerned about the fairness of escalating ground rent terms linked to RPI and that these are not always effectively explained by developers when discussing RPI-based ground rent with prospective homeowners.The CMA will also be investigating certain firms who bought freeholds from these developers and have continued to use the same unfair leasehold contract terms.The CMA has now written to Barratt, Countryside, Persimmon, and Taylor Wimpey outlining its concerns and requiring information.How the case proceeds will depend on the CMA's assessment of the evidence. Possible outcomes include legal commitments from the companies to change the way they do business, or if necessary, the CMA could take firms to court.

[sikhthetech] 02/9/2020 11:27

confirms what I said in #2266..

Demand increased due to Stamp Duty holiday and Help to Buy, both of which end within the next few months.



"The increased activity levels are being stimulated by a combination of pent-up demand, the Stamp Duty holiday and an understanding that Help to Buy will only be available to first time buyers and regional home price caps will exist from April 2021."

[eggbaconandbubble] 02/9/2020 08:29

Hi Porsche ("Ve vill put ze engine behind zee rear axel, and eventually ve vill make it handle"!!)

I shall make a note of your comment above and hopefully be able stuff it up your nose at a later date :-)

You could of course be correct. A recession is definitely looming but my hunch is that Brexit - if it plays out well - will result in a speedy recovery. Touch wood we will finally Brexit on a 'no deal' basis. That will leave the UK a freehand to set up trade deals all over the rest of the world unhindered and with the real major players.
The double whammy being that setting out with WTO terms will finally focus the minds of Barnier et al and they will come to the table and make agreements with us on our terms rather than their own protectionist ones.

So there you are! You might just be able to stuff this up my nose at a later date but I doubt it.

Have a great day!

PS. After reading the results I turned the computer on from the safety of behind my sofa only to be surprised to see the share price up!!!!

PPS. Apologies for the use of full stops :-)