May 22, 2024

Tchenguiz leasehold interests raised in Commons

VincentTchenguizThe Tchenguiz activities in leasehold property were highlighted in the House of Commons yesterday by Sir Peter Bottomley.

In a brief aside during debate over the private rented sector, Sir Peter referred to “the Tchenguiz interests featuring in the Office of Fair Trading report on abuses of leaseholders, overvaluations of freeholds and the sale of managers’ flats”.

The issue will be referred to at greater length when the Commons considers requests from the Serious Fraud Office for extra funding.

Vincent Tchenguiz (right) still owns a purported one per cent of all residential freeholds, which have been on the market for two years.

Next month he and his brother Robert are claiming £300 million compensation from the SFO for their arrest on wrong evidence in March 2011.

This resulted in their highly geared house of cards property empire to collapse, which also saw Peverel pitched into administration.

The SFO has asked Parliament for a £19 million top-up, which brings to £24 million the additional funds required over and above its planned £36.6 million budget for 2013/14.

SFO director David Green has told MPs that the additional money was needed to cover the exceptional costs of cases, including the agency’s defence against the Tchenguiz claims.

Sir Peter’s intervention is the first indication that attention is now focusing on “overvaluations of freeholds and the sale of managers’ flats”.


  1. To allow our development at ABC to sell the Wardens Flat (actually a house) Peverel balloted the residents and overwhelmingly the vote was to remove the position of live in House Manager and appoint a part time House Manager.

    We were informed at the time, (now over a year ago) that the Freeholder would build an office and then sell of the Wardens Flat. Our Area and Regional Manager have over the past year stated that the plans had to passed by the Planning Department (PD) which usually takes 6 weeks from the day they are placed with the PD.

    When we checked with the PD they informed us that no Planning Application had been applied for?

    The Freeholder of our development has sold the Freehold and in doing so will receive a Head Lease for 250 years, as part of the sale?

    In the meantime we are paying Council Tax, Electricity Bills, Phone Bills and Line Rentals to the tune of about £2,000 a year.

    We have a Part Time House Manager who will have worked for us for 16 weeks at the end of March 2014 but the Budget for 2014/15 shows the full years salary?

    This is over £4,500 that we will not have paid this year but Peverel Management Services Ltd will not refund this overpayment now until September/October 2014.

    The knowledge that this money will be refunded from last years Service Charges has no bearing at all on the fact we will pay the full amount for this year?

    I have walked the development with our Area Manager and asked for a change in the lighting regime? There is only emergency lighting after 12.00 on the one steps and two lights in the passageways leaving the development very dark during the night.

    The LA now have been turning the Street Lights of at 11.00pm.

    I phoned Peverel Management Services Ltd head office in Halesowen a month ago and asked that the Area Manager phone me.

    Still waiting for that call, since I made the phone call most of the sheds have been opened at night and items stolen.

    The Police have positioned a camera in one of the 3 entrances and to date we have heard nothing?

    We pay over a £1,000.00 a month for Management Fees and the Peverel Management continue to be not fit for purpose.

    The Area Manager had been visiting monthly as the House Manager had been sacked for Gross Misconduct and spending our Service Charge on Plants/Planters and Phone Calls, this was to allow us to have a better contact, but nothing happens.

    The residents that were here since 2006/7 have dropped from 28 to 11 and the new residents mostly since 2009 show no interest and want to left alone?

  2. Erratum
    Line 16 should have read we should not have paid.

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