Wexham Park

[Guest]

Today i went on the Land Register web site, and for the fee of £4 i discovered the bad news that the Thornes have the freehold of the park.

[BFR]

Cheers for looking into that Roger.

[Guest]

I cant put it on the Forum, but you would not belive what they payed for it.

[Guest]

Yes, but that does not mean they can do anything with it,without planning permission.

[GarySTFC]

They could build a nice football stadium on there for us, then both pee off leaving it to us!

[Guest]

If you have found out what they paid for the freehold it must have come from inside information or from the public domain ie the land registry.Therefore if you can find out then we can all find out. Was it two million pounds then?

[Guest]

No it was £300,000 the price of a nice 3 bed semi detached house.

[evadne]

Buying the freehold of any property when you have a long lease on it is always a lot less than simply buying the freehold outright. My daughter bought a flat a couple of years back for £150,000. This year the four flats in the property jointly bought the freehold for £16,000 (£4,000 each).

 

So £300,000 is not that cheap. But now that the Wexham Park lease has been subsumed within the freehold (because they are owned by the same person) any covenants in the lease (say, that there must be a football stadium on the site) will lapse. The Thornes can, therefore, now do what they want with the Park, subject only to planning permission.

[Guest]

Not so according to the copy i have there are some restrictive covenants by the grantor.

[defrancog]

Roger, I work in a law firm..........any chance you could mail me a copy of the Charges Register???

[Guest]

The Thornes paid £300,000 for the freehold of the land and where did the money go - the council!!!!!(previous owners of the land)

 

What are the new council now saying - no ground on Britwell!!!!

 

Who has sold us out - the council - pocketed the money and left us without a ground!!!!

 

Looks like we better get settled in at Windsor, as it we could be there for a while.

[BFR]

Of course BILLD will say it wasn't them who sold WP or them who made promises to Deaner.

[Ted]

With the outgoing council we had a chance. The new council doesn't have to stop the project, but it looks like it will do so.

 

I can't see Deaner funding the cost of ground hire very long if there is no project in the pipeline, so to me, the future looks very bleak.

 

Chris Sliski is quoted in the Observer as saying "We want to sit around a table and talk"--fair enough, but if Stokes has nothing to say, what possible future is there?

[GarySTFC]

Another side issue, if the Thornes did pay £300,000 into the council, that would provide them with the money to stop the Britwell project (mooted as £250,000).

[Martin]

Quote:

evadne said:
Buying the freehold of any property when you have a long lease on it is always a lot less than simply buying the freehold outright. My daughter bought a flat a couple of years back for £150,000. This year the four flats in the property jointly bought the freehold for £16,000 (£4,000 each).

I take your point evadne but how long was your daughter's lease? The longer the lease the less valuable the freehold. A 999 year lease ties the property up until it will fall into the ground. The lease on the park was only 99 years and their interest was decreasing in value year on year (although they could have always have sought to extend the lease). £300,000 for a site that size is very reasonable. The reason it was that cheap was they bought under an option which must have set the price.

I would not mind casting my eye over the charges register next time your round Rog.