Galliard Homes 136-140 Wapping High Street, London, E1W 3PA

[SG-investor]

Hi

just being informed by developer Galliard Homes that this development, Wapping Riverside, which was marketed as 999 years leasehold is now changed to 150 years. there is no reduction in price. we are given 10 days to inform developer whether to accept it or developer will rescind the purchase agreement.

we have asked for supporting documents why it being changed to 150 years, developer was not willing to give and claimed that it has not gotten from Port of London Authority. We have checked the development approval, there was no objection from Port of London Authority and could not understand why this is being changed from 999 to 150 years. Could it be that developer wanted to take back this project due to rising prices and purposely do not wish to fulfil conditions or pay the development charges required for 999 years.

any one has any views on this?

Regards
Singapore Investor

 

[zh90045]

999 year but deliver 150 year in UK property


This thread may happen to any one buying flat under constrcution in UK. Can any one advise:
1. is this only happen to off-plan purchase? so don't buy off-plan flat?
2. Paid 999 years lease but developer later delivered only 150 years, is this common in UK?
3. is it dangerous to buy from project under construction since UK laws protect local developer but not buyer?
4. The Fusion, London E1 is being marketed as 999 year leasehold, will it have the same fate?

 

[SG-investor]

Hi

just being informed by developer Galliard Homes that this development, Wapping Riverside, which was marketed as 999 years leasehold is now changed to 150 years. there is no reduction in price. we are given 10 days to inform developer whether to accept it or developer will rescind the purchase agreement.

we have asked for supporting documents why it being changed to 150 years, developer was not willing to give and claimed that it has not gotten from Port of London Authority. We have checked the development approval, there was no objection from Port of London Authority and could not understand why this is being changed from 999 to 150 years. Could it be that developer wanted to take back this project due to rising prices and purposely do not wish to fulfil conditions or pay the development charges required for 999 years.

any one has any views on this?

Regards
Singapore Investor

Thanks to all the supporters that contacted me privately, with a few us stood our ground, we have been able to ask the developer to make some sense out of it. The developer was not willing to provide any supporting documents but after some time, it came back and informed us that they finally obtained the promised 999 years leasehold. The unit is still under construction and we hope we can look forward to a new apartment soon.