Sarah Olney, LibDem MP for Richmond Park, and Sir Peter Bottomley have clearly had enough with the insurance industry and its apologists gaming leasehold insurance. Meanwhile, LKP has looked at the questionnaire put out by the Financial Conduct Authority and asks: is it deliberately setting out not to know the answers? How can such a lavishly funded public body be so unfailingly inept?
The Financial Conduct Authority (annual budget: £632 million) is doing the least it can possibly get away with in response to Communities Secretary Michael Gove’s instruction that it investigate leasehold insurance fiddling, LKP believes.
And ground rents are £500pa on Bournemouth flats selling for £151,600
The Times today reports that retirement developer Platinum Skies, which has close links with prominent Tory politicians, inserted admin fees of tens of thousands of pounds in the supposedly affordable shared ownership leases.
Platinum Skies, chaired by former Tory treasurer and hedge funder Lord Fink, broke Ministry of Housing rules with lease clauses that made it harder and more expensive for the leaseholders to purchase more of their retirement flats.
