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These are abandoned properties.
$90,000 per annum would be more than the interest they would have to pay to borrow 2 million dollars.
Who are the Trustees?
Will every leaseholder have to walk away, resulting in abandoned properties, broken families and a continually reducing investment return?
The Cornwall Park Trust Board used to take a point of pride in that no leaseholder had ever been forced to abandon their property at lease turnover. But those days are long gone.
Now every leaseholder will likely have to abandon their homes as their lease turns over as the annual lease figures demanded are so far away from market reality. Every family is having to lose the entire equity in the home they paid for when they bought into the lease structure. They are having to walk away destitute, even bankrupt due to the strict enforcement of their contractual rights by the Cornwall Park Trust Trustees.
Leaseholders are essentially captive tenants.
They bought their homes when economic times were different and paid a lot of money for the house, and agreed to also pay the figure to lease the land on which the house sits. Now the interest rates have dropped so much that it would be cheaper to borrow the money to buy an entire equivalent property, and own it outright than it is to pay the very high new level of leasehold asked just for the land on which the house sits. So for some years the leaseholders have had two choices, to pay huge leasehold rents no-one else would pay who was not captive, or to walk away, leaving their home and equity, bankrupting some families.
Multiple attempts to meet with the Trust Board have been turned down.
They don’t live nearby, they don’t appreciate the impact they are having on the community, they ignore reasonable letters and they won’t consider freeholding.