4 ms·
> A couple of years ago an estate - that included a 9 bedroom country house, plus an entire village with a population of 100 people, and a church - was sold by
by tasuki 7mo ago
> A couple of years ago an estate - that included a 9 bedroom country house, plus an entire village with a population of 100 people, and a church - was sold by noblety near where I grew up. The price was in the low tens of millions, not that much.
Entire village? How's that work? What can the new owner do with the village? I imagine the inhabitants aren't enslaved?
- ForHackernews 7mo agoSame thing landlords have done forever: Collect rents on their capital.
- roryirvine 7mo agoCollects ground rent. A few hundred pounds each year from everyone who owns property or land in and around the village.
- tasuki 7mo agoAh, so the property is owned by the people living there, while the land is owned by someone else? That sounds like a nightmare for everyone involved. Is this common in the UK?
- roryirvine 7mo agoYes, it's a system called leasehold which has its roots in medieval feudalism. Essentially, a property owner owns the building and a long-term (usually either 99 or 990 years) lease on the ground it sits on. Everyone recognises that it's absurd, and there've been attempts to fix it for over a century. They've already gone in Scotland, and the previous government finally passed legislation that would allow new leaseholds to be banned in England and Wales too (although it hasn't yet gone into effect). The current government has introduced a bill which will eventually bring the system to an end altogether. As you might expect, there's huge opposition to these reforms from vested interests who are using every trick in the book to delay them. Getting rid of the hereditary peers from the House of Lords can only improve matters.