Last night, I sat and listened to Michael Teys . He talked to us of how Australian’s European founders rejected the UK system of freehold and have built in the past 250 years a system that has much to teach the UK.
It was something to visit the Number one Lecture Room of Kings College. I went , not for the room, but for the lecture on ways Australians structure the ownership of property using its Strata system.
This evening was sponsored by Michael Teys and it is one that has left a lasting impression on me and those who sat with me. I found myself sitting next to Norma Cohen, a personal hero as a journalist and historian of the 20th Century. This was no ordinary evening lecture.
I was able to walk home to my leasehold flat, knowing the work that is being done by us as Directors of the leaseholder company that has taken some control in the management of our property (though we still struggle with ground rent).
I turned to the subject late at night and woke early to blog, only to find that my words had been better uttered on social media by Joe, a young man I had met earlier. Here is what Joe had to say on what we saw about Australia; I cannot say it better!
Teys taught us that Australia has used the Strata system to create micro-states where property rules ensure justice for an increasing number of freeholders. Much for us to learn from.
There is a video to come and I hope that anyone who owns a leasehold in the UK or who have friends and relatives (or both!) will take an interest.
This Government has promised legislation to give power to leaseholders to release them the clasp of freehold. The power of the Freeholder is what Norma explained to me as a servitude that is many centuries old.
My mind goes back to history lessons at school and the importance that was explained of owning freehold to voting rights, till 1832 freeholding was the only credential for having a vote.
We have voted this Government in on a promise of reforming property ownership rules and I will be sorry if it fails to get the promised legislation on the parliamentary table before Christmas.
Michael Teys
Tonight I attended a fascinating and very timely talk at King’s College London by Michael Teys , one of Australia’s leading strata lawyers, hosted by groundbreaking campaign Free Leaseholders led by the incredible Harry Scoffin .
🇦🇺 inherited English law but flatly rejected the “leasehold” part. “Freehold strata” was the innovative solution, allowing collective ownership of a multi-occupancy building. Something we are missing in 🏴🏴.
The key feature is it does away with the role of an absentee landlord collecting ground rent and wielding power over people’s homes. The owners govern and own the property themselves. In 🏴🏴, even with a resident management company, leaseholders may govern but they don’t truly own and control.
Today, 15% of Australians live in strata. By 2050, it’s projected to be 50%. Banks lend against it. Developers promote it. Disputes are far rarer than in the 🏴🏴 leasehold system. It works and has done for decades, exported now across multiple countries.
“Nobody in England and Wales is expecting utopia with Commonhold. They’re asking for something that already exists so they can own and control their own property.”
As someone who has spent the past few years navigating the sharp end of leasehold, this was an inspiring way to end a tough year. There is a solution. People are pushing for it. Commonhold and common sense will prevail!
Thanks to Free Leaseholders and Michael Teys for an excellent evening.
#Leasehold #Commonhold #LeaseholdReform