Tory MP Huw Merriman called for zero ground rents for retirement housing at prime minister’s questions today.
He talked of pensioners trapped in McCathy & Stone properties, which have fast depreciating values.
He named Vincent Tchenguiz, whose Tchenguiz Family Trust in the British Virgin Islands ultimately owns the old McCarthy and Stone freehold book, and FirstPort, formerly Peverel which was owned by Tchenguiz before his arrest, on wrong evidence, by the Serious Fraud Office in February 2011.
The sorry picture of many retirement leasehold properties is revealed on the Land Registry.
Abysmal retirement housing values revealed on the Land Registry – Better Retirement Housing
Campaign against retirement leasehold exploitation examines official re-sale prices for McCarthy and Stone, Churchill Retirement Living, Audley Retirement, Retirement Villages, Retirement Security, Anchor and Pegasus A dismal picture of retirement housing values on re-sales is revealed by Campaign against retirement leasehold exploitation from figures in the Land Registry.
Related posts:
The Times: ‘Exit fees and poor resale values: the uncomfortable truth about retirement homes’
Please exempt retirement housebuilders from ground rent ban, pleads Sir Desmond Swayne
APPG July 11: Robust debate over retirement ground rents and event fees
Government will cave in to retirement house builders over ground rents, says Times
He named Vincent Tchenguiz, whose Tchenguiz Family Trust in the British Virgin Islands ultimately owns the old McCarthy & Stone Freehold book, including FirstPort Retirement formerly Peverel Group which was also owned by Tchenguiz.
We have Freeholders/Landlords/Managing Agents who work in the Retirement Sector whose Ultimate Holding Company Incorporated in the British Virgin Islands and the Ultimate Controlling party is The Tchenguiz family Trust.
The Times found in the past 10 years, 28 out of 93 British Millionaires moved to tax havens, with more to follow. There are 6,800 Britons running 12,000 UK firms from low-tax jurisdictions, British Virgin Islands, Chanel Islands, The Bahamas, Belize, Cayman Islands, Monaco and Switzerland. Many of the 28 had been awarded honours or hold titles, with One Viscount, One Baron, Six knights, and one Dame.
It has been seen some of the leavers bankrolled Political Parties donating £5.5 million pounds while living offshore and successive Governments failed to enact a law passed in 2009 that banned large donations from anyone resident abroad for tax purposes. It has also been stated; more than £1m pounds was accepted by the Conservative Party in the months before the 2017 election.
Is this why Leasehold Reform is taking so long, allowing these companies to move their money about to make it untraceable?