Leaseholders at Hebble Wharf have withdrawn their acceptance of the offer to purchase the headlease on Hebble Wharf, following news that the income from ground rents would be substantially less than anticipated.
According to information supplied by the vendor’s solicitors, it transpired that there would be no ground rent income from about 25% of apartments which were sold last year ‘en bloc’ with 998 year leases (instead of the usual 250 year lease) but with only a peppercorn ground rent payable.
A majority of the leaseholders decided that the investment required was no longer viable.
There are currently 15 residents registered in this email group.
Whether you rent your apartment at Hebble Wharf or own it, the Association aims to keep you informed of any relevant news that might be of interest to you.
Some news items will appear on this website – but some will not – and to ensure you don’t miss out on anything that could be important to you, please take a moment to complete this short registration form and we will add your name to our Residents email group, through which regular news updates will be issued.
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Resident apartment owners already registered as Leaseholders need not register again. You will automatically be included in this new email group.
If someone at your address (or the apartment owner) is a Member of the Association, we will be happy to circulate messages (including “small ads” with items for sale etc) to other members of this email group – normally within 24 hours of receipt. If requested, we can also send the message to Hebble Wharf apartment owners living elsewhere.
On February 20, 2017 a notice of acceptance was issued to Waterfront Wakefield (Hebble Wharf) Ltd and their agents in response to the Section 5 Offer to purchase the long leasehold on the building. This acceptance was made possible with the support of a majority (29 out of a possible 44) of qualifying leaseholders.
At the same time, we once again questioned the validity of the Section 5 Notice (which contained contradictory statements regarding the offer) but we understand that the Notice has been deemed to be valid and we are now working on the assumption that each stage of the process must be completed in timescales determined from February 21.
We now need to ensure we have a robust offer that we can circulate to leaseholders who are considering an investment in the planned purchase. Ideally, the decision whether or not to proceed needs to be made by March 21, to avoid any unneccessary legal costs being incurred if we cannot proceed.
Late December saw a new, revised Section 5 notice issued to leaseholders, replacing the original notice issued in September, which contained some inaccuracies and was challenged.
We have now received clarification of one important anomoly in the latest notice – which contained references to both the freehold and leasehold interest in the details of sale.
Property owners U and I plc have confirmed that the current Section 5 Offer relates to sale of the long leasehold on the building – and not, as previously indicated, the freehold.
We are presently seeking clarification on a number of questions which will assist leaseholders in deciding whether they wish to support acceptance of the offer to purchase the long leasehold. If we are to pursue the option to purchase, we need to have the signed support of a majority of qualifying leaseholders before the deadline of February 21.
It is now two weeks since our letter was sent to Freehold Investment Ltd at the address given in their notices to us. It was also copied to The Company Secretary at the registered office address in Solihull. No response, or even an acknowledgement was received. The sole director of Freehold Investment Ltd. is Christopher Avery.
One leaseholder has kindly sought some legal advice for us through a contact he has. You will see from what I have pasted below that we can take until 26 Dec having expressed interest without incurring any costs on behalf of the freehold owner U and I (see www.uandiplc.com). We remain convinced that U and I will want to be seen to act in a socially responsible manner. In the absence of a timely reply from their agent we think we should contact U and I direct.
We need to have a comprehensive list of the owners of the apartments, this can be obtained direct from Land Registry, but there is a cost for this data. It would be more cost effective to tabulate what we know already and then identify which apartments we do not have information about ownership. There were people at our meeting from all floors of Hebble Wharf. Is this a task we can divide up between us – list the apartments on each floor where we do not know who is the owner and people call on their neighbours to ask if they are owners or renters and if renters who is the owner?
If we do this we may only be left with a very small number that we have to use the paid for land registry route.