Chris Teal

@LordNumpty @LiamSpender @katesineed The Competition and Markets Authority is there for when markets and commercial terms are, for want of a better term, rigged. They already investigated ground rents and found them to be absolutely bent. Paying money yearly to a non governmental party to own a property is insane.

@LiamSpender @katesineed Taking an assignment means stepping into the original tenant’s shoes—on the terms they agreed. They saw the lease before bidding. If the ground rent now looks high, that’s a pricing error, not a justification for rewriting the contract after the fact

The case for leasehold in this article is wrong and predicated on false premises. 1/ leases of new flats or houses are not sold at a “substantial discount” to reflect the fact that they are leasehold and carry ground rents. The ground rent is neither legally nor commercially necessary. Ground rent as part of the price / consideration for the grant is not legally necessary because the leases are made by deed and require no consideration. The ground rent is not a term of the lease any purchaser can negotiate. The same is true of many other terms in leases. It is common to see flats of identical configuration, if not next door to each other, sold for materially different premiums but with the same ground rent. Indeed, in virtually all cases the developer will have agreed to sell the ground rent income before the first flat is built and cannot negotiate even if the flat buyer offers a higher premium for no ground rent. Nor is it uncommon or unusual to see leases that prescribe the ground rent by factors that have nothing to do with the premium paid, for example by the number of bedrooms. Further, when the Competition and Markets Authority investigated leasehold in 2015 it could find no evidence that new houses were sold for less than freehold houses. And where is the constant against which to compare flats because they are generally never sold as freehold? 2/ buying a leasehold flat or house is not the same as buying a sofa on instalments. If a sofa is bought on hire purchase then the buyer owns it outright at the end after making all payments. Not true for a leasehold flat or house, which goes back to the freeholder at the end of the term even after all payments are made. Indeed, modern leases also require the leaseholders to pay all the upkeep and for improvement of the building. 3/ a lease is not a right to occupy. That would be a rental tenancy. A long leasehold is an estate in land carrying the right of exclusive possession for the term. It is this right that makes it saleable and mortgageable. 4/ the myth that leaseholders are incapable of running estates or building places is to be contrasted by experience of right to manage and resident management companies, including at very large sites. Walk round New York or Paris or any other major city and you will see neighbourhoods full of communally owned and managed buildings. It is quintessentially feudal to say the British are too stupid to manage their own buildings without a third party freeholder. 5/ leasehold is not and has never been designed for multi occupancy blocks of flats. It was all that was available at the time large numbers of flats began to be built to ensure that positive covenants could be legally enforceable as owners changed and in multi-storey blocks. Other common law countries (Australia, Canada to name but two) saw the flaws in leasehold and developed a bespoke legal model. That is what Commonhold seeks to achieve for England. 6/ the fundamental flaw in leasehold, which cannot be fixed, is that it creates an adversarial relationship and a principal-agent problem between freeholders and leaseholders. The freeholder has all the power and no responsibility. More than 50 years of Parliament attempting to regulate service charges demonstrates this problem is inherent, a feature not a bug. 7/ as to freeholders’ property being expropriated without market value under the 2024 Leasehold and Freehold Reform Act 2024 this is wrong and the Divisional Court said so last October. We shall see if the Court of Appeal agrees. In any event, the loss of the freeholders’ right to 50% of marriage value when leases below 80 years are extended is unjustifiable in market terms. The freeholder gives nothing in exchange, keeps his freehold interest and is compensated for the loss of ground rent. Ending marriage value stops freeholders extracting ransom from a lease extension or freehold purchase.

@Fartinhtume @LiamSpender On a whim? No. But most leases created in the last 25/30 years will have a ground rent increase mechanism built into it. Why? Because then the developer can get a bigger premium from whatever Freehold Investment Co they have already agreed to sell the freehold to.

@LiamSpender Im not sure I fully understand the issue... can the freeholder raise the ground rent charged on a whim or mid-tenancy?

@Joey72735798 @ChrisBarnes3D 30 years worth of maintenance too don't forget.

@ChrisBarnes3D Daft statement that. If your mortgage is £1100 and rent on the same house is £1500 I’m £400 better off a month, If even a small percentage of that comes off the overall mortgage I’m always gaining. When you rent you are doing the opposite

everyone loves to point out renting is "just dead money" until you point out they'll spend £240k in mortgage interest over 30 years

@bg_swfc @pe_1968 Doesn't he have another year left on his Millwall contract?

@pe_1968 He’ll be back weather it’s as a player or a coach 🤷🏻‍♂️

Bannan Ingelsson Heskey Chalobah Collins That midfield is FAR too good for league one 🤩 #SWFC

@mark42swfc @JackOrton96 That wasn't an EFL change, it was a Government change to benefit HMRC across all company insolvencies.

@chris_teal @JackOrton96 just further evidence that the EFL 'rules' / 'guidance', whatever it is, is not fit for purpose. They just change them after 1 team goes into admin because of a bad owner that they deemed fit and proper to own a football club in the 1st place.

@TNuto03 @smithshane080 @PAGE_SZN @SkyBetLeagueOne Anyone can get a decent statistical record when you are short passing the ball sideways and back. What's his successful % in the final 3rd, where it actually matters? Darren Potters pass success rate must have been incredible, but it was always 10 to 15y sideways or backwards.

@chris_teal @smithshane080 @PAGE_SZN @SkyBetLeagueOne He’s had 80% successful pass rate this season… clearly can pass

Extremely early League 1 predictions for 26/27👇 *Assuming Stockport and Chesterfield get promoted.

@TNuto03 @smithshane080 @PAGE_SZN @SkyBetLeagueOne A left winger who can't pass or cross is even worse. No point in being able to beat your man if you are incapable of doing anything with the ball afterwards.

@chris_teal @smithshane080 @PAGE_SZN @SkyBetLeagueOne He’s more of a left midfielder than a left wing back and he sending can pass and cross, can also get past a man. And he’s still young so got plenty of time to prove himself

@mark42swfc @JackOrton96 Tbf, I think the law change to make HMRC a preferential creditor in company insolvency events was brought in after Derby's administration? Its not like we paid HMRC 100% due to the kindness of our Administrators, we literally have no other choice.

@JackOrton96 Derby are tax dodgers. We paid 100% to HMRC, you paid 25%. One rule for one club though 🤣

@TNuto03 @smithshane080 @PAGE_SZN @SkyBetLeagueOne I'm not keen on wing back who can't defend, pass or cross.

@chris_teal @smithshane080 @PAGE_SZN @SkyBetLeagueOne Awful ball knowledge

@TNuto03 @smithshane080 @PAGE_SZN @SkyBetLeagueOne No thanks!

@smithshane080 @PAGE_SZN @SkyBetLeagueOne Yeah 100%. Think we’re signing Aderamola on a perm aswell cos his contract runs out with palace at the end of the season

@PAGE_SZN @SkyBetLeagueOne Even as a Wednesday fan I would be staggered if we went up automatically next season. Far too much of a rebuild of the squad needed.

@VoodooNipper @RamosKozlov333 @YesWeCrann @TheWordSWFC Why would it be a high risk?

@RamosKozlov333 @YesWeCrann @TheWordSWFC High risk high reward I guess, and saying that Dele Bashiru didn’t really show much in his first year

Understand that Sheffield Wednesday are looking into the possibility of signing Jaden Heskey from Manchester City on a permanent deal over the summer. More on @TheWordSWFC: thewednesdayword.com/p/sheffield-we… #SWFC 🦉⚽️

@Champagneblade @RobDorsettSky That would need Government intervention to legislate and change the rules on Company Administration and Company Funding just for football clubs, and let's be honest they should have better things to be legislating than this.

@RobDorsettSky Make it simple. The ex-owner gets nothing. You pay everyone else 100% by selling off players and other assets including the stadium, even if that makes you a nomad. You fail to do it, then you fold. No owner loans, only injections to avoid first point. Encourages less silly wages

Excl: EFL expected to review insolvency policy, amid anger from some Champs clubs that #swfc avoided a 15-point penalty. Can also reveal that Chansiri could yet receive several million pounds from new owner David Storch, if he accepts deal on the table. skysports.com/share/13540070

@DcfcWess @RobDorsettSky No one has faced punishment for this policy before. Wigan and Derby the two decent sized clubs who have gone into Admin since policy came in 2015. Both owners/former owners wrote off what they were owed so other creditors would get 25p in £. Chansiri put in £63m claim to Admin.

@RobDorsettSky rules are rules... points deduction for next season should still stand along with all the sanctions other clubs had to face as your no different to anyone else.. 0 points in the champ can you get 0 in league 1 aswell.... #dcfc #swfc #sufc #twitterblades

@LouiseS11293637 @GrantR_1867 You are under estimating the amount of investment needed in things outside the playing side. The ground and training ground alone are almost not fit for purpose for example.

@GrantR_1867 SWFC isn't worth £16m? Absolute rot. A league football club with mathday receipts of c £18m...

Absolutely no Championship club cared when they were almost guaranteed six points this season. At no point did Wednesday’s troubles give them a financial or competitive advantage. No club has ever failed to pay 25p in the pound since the rule was introduced in 2015, so no club has ever faced this punishment. Storch can’t help that his predecessor was an absolute clown. The only alternative to this deal was Sheffield Wednesday going out of existence. #swfc

@Trav5tweets @slutd3stroy3r @travisinLB Then to have more data points on that Ump?

@chris_teal @slutd3stroy3r @travisinLB It was a call in his team’s favor.

if you don’t understand why he did this you’re kinda dumb

@emmanx700 Coz it's fun, innit.

Why are third position not given automatic qualification to the premier league?? Why should they play a playoff match for them to qualify??

@slutd3stroy3r @travisinLB The obvious one is because they still had a challenge left, surely? No point in not using it, it's not like they roll over.

@travisinLB Please enlighten me as to why it was cool to challenge a called third strike to end the game.

@racecourserambl A good thing then would be hoping Millwall go up and Barry Bannan us told he is surplus to requirements as he and Windass have an almost telepathic link.

I'd build the team around him next year. Such a dangerous player in attack, has many of the tools required

@ashmore_matt Wait, are you saying $15m in total spending, ir fees, loan fees and wages,or $15m on fees alone?

Storch is fantastic at galvanising people and the narrative around them which is good. However, this takeover still has one huge red flag, where is all the money. No signs of serious wealth behind anyone and it’s a worry given the squad needs 15m this summer. #swfc