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UK property register: What three luxury homes reveal about who owns UK real estate

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Owners of around 50,000 UK properties held by foreign companies remain hidden from public view, despite new transparency laws.

The Register of Overseas Entities, launched in August 2022, was meant to reveal who ultimately owns UK property.

But analysis by BBC News and Transparency International found almost half of firms required to declare who is behind them failed to do so.

Labour MP Margaret Hodge said the legislation was not “fit for purpose”.

A UK government spokesperson said the register has been an “invaluable source of information for law enforcement, and tax and revenue services”.

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The UK government has long promised to crack down on “corrupt elites” from overseas, including “Russian oligarchs and kleptocrats”, using UK property to launder illegal wealth.

Ministers insisted they would crack down on foreign criminals using UK property to launder money by ensuring they “can’t hide behind secretive chains of shell companies”.

As a result, under a law passed in February 2022 in response to Russia’s invasion of Ukraine, ministers said anonymous foreign companies seeking to buy UK land or property would be required to reveal full details of the individuals who ultimately owned them. Overseas organisations that already owned land in the UK were given a six-month period to do the same.

Now that six-month grace period is up – all the people, whatever their reputations, behind companies that own thousands of British properties should have been uncovered for the first time.

The BBC and Transparency International matched thousands of filings from the new register with Land Registry records. This analysis suggests that some 18,000 offshore companies – which between them hold more than 50,000 properties in England and Wales – either ignored the law altogether or filed information in such a way that it remains impossible for the public to find out who the individuals are who ultimately own and benefit from them.

“While the register is starting to serve its intended purpose, our analysis reveals there are far too many companies that could be trying to skirt the rules, not knowing they exist, or ignoring them altogether,” says Duncan Hames, Director of Policy at Transparency International UK.

To understand how the law is and isn’t working, it helps to look at three very expensive properties. The first is a pair of luxury apartments. Another is a sprawling £48m estate in north London, the third a £10m country mansion.

All have been linked in some way to figures connected with Vladimir Putin’s regime.

For instance, look at the two luxury flats in central London worth an estimated £11m.

Stylised graphic showing luxury flats in London

Their ownership by the former Russian deputy prime minister, Igor Shuvalov, was first reported by the Anti-Corruption Foundation, set up by jailed Russian opposition leader Alexei Navalny.

According to the UK government, who placed him under sanction in March 2022, Mr Shuvalov – who heads the management board of a Russian bank – is “a core part of Putin’s inner circle”.

And now the register has confirmed that he and his wife are the ultimate owners of the flats, held through a Russian company, Sova Real Estate LLC.

Mr Shuvalov’s spokesperson told the BBC last year that these issues “have been the subject of competent government audits”, and that “no complaints were ever filed”.

But while there are thousands of examples where the register is working, the ultimate ownership of thousands of properties remains shielded from public view.

Take Beechwood House, a north London estate bought for £48m in 2008 with a value around £85m.

Stylised graphic showing Beechwood House

After Russia’s invasion of Ukraine 12 months ago, the UK government came down hard on wealthy businessmen close to Putin’s regime. Assets were frozen, stopping rich Russians from taking their money out of the UK.

But it wasn’t always clear exactly which assets belonged to these oligarchs.

For instance, Beechwood House was listed by the government as owned by oligarch and ex-Arsenal shareholder Alisher Usmanov when it announced sanctions against him.

A spokesperson for the oligarch has now told the BBC that he transferred Beechwood House, as well as other assets, to family trusts “long before sanctions were imposed” and that while Mr Usmanov was a beneficiary for a period of time, he withdrew “on an irrevocable basis”.

The spokesperson added: “Neither Mr Usmanov nor members of his family are the beneficial owners of these companies.”

You would think the register should shed light on who actually owns Beechwood House. But it does not.

The owner is given as Hanley Limited, an Isle of Man company. And in turn the beneficial owner of Hanley Limited is Swiss company Pomerol Capital SA, which controls it as part of a trust structure.

However, nothing about the individuals who own Pomerol Capital is listed on the public register.

That is because companies owned through trusts – as opposed to other set-ups – are exempt from having their beneficial owner information made public on the register.

So from the filing, it is impossible to identify the people who own, control or stand to benefit from Beechwood House- a property that the government itself said was owned by Mr Usmanov, which would have made it subject to an asset freeze.

While the names of individuals linked to trusts are not included in the register, companies do have to provide their details privately to the corporate registry Companies House.

Flow chart showing that if a UK property is owned by an overseas company, which is owned by another overseas company through a trust structure, then it is exempt from publishing the individual owner.

And many other owners have found an even more straightforward means of keeping their names off the register – by simply not complying with the new legislation.

Overseas companies with property in the UK – bought since January 1999 in England and Wales and since December 2014 in Scotland – were supposed to reveal the identity of their owners by 31 January.

But around half of offshore firms with property in England and Wales – approximately 15,000 – had no matching record in the property register before last week’s government deadline.

This includes the company that owns a £90m home in west London linked with former Chelsea owner Roman Abramovich. The Cyprus-based firm does not yet appear to have submitted its details to the property register.

Mr Abramovich could not be reached for comment.

As well as the firms that are yet to file, BBC analysis has found that one in four offshore companies that have submitted their details have actually included other foreign firms, not people, as their owners.

Infographic showing that of the 92,000 England and Wales properties owned by 32,000 overseas companies, 21,000 companies submitted to the register; 1,900 do not list a beneficial owner; 5,700 list a foreign company; 4,000 name overseas trusts; and 1,800 list a foreign company that is not a trust, potentially making their filing non-compliant.

Some of these are owned by trusts, as with Beechwood House.

But that is not the only way in which companies are avoiding publicly disclosing the individuals who are actually behind them.

And there is a third category – companies that have filed their details to the property register, but have not complied with the rules.

The BBC’s investigation has identified more than 1,800 companies whose filings do not appear to do so.

Among these is Uart International, a Panamanian company that, according to Land Registry records, acquired a countryside mansion in 2008.

Stylised graphic showing the countryside mansion

As part of the Pandora Papers, a leak of almost 12 million files, the property was owned through an offshore corporate network controlled by Vladimir Chernukhin and his wife, Lubov.

Mr Chernukhin is a former Russian deputy minister of finance and businessman who had financial links to oligarchs close to the Kremlin. He moved to the UK after being sacked by Putin in 2004 and insists he is not a supporter of the Russian president.

His wife Lubov, whom he married in London in 2007, is a major donor to the Conservative Party, having given the Tories more than £2.3m since 2012.

Companies House records show that Uart International lists another foreign firm as its “person of significant control”. This means that the individuals who ultimately own the property remain hidden from the public register, despite the change in the legislation.

Under the new regulations, another anonymous offshore firm should not be named as the owner of a company with UK property.

There is no indication in the filings that the company owner is a trustee, which would exempt the firm from having their person of significant control revealed on the register – suggesting it could be a violation of the rules.

Lawyers for the couple told the BBC that “Mr and Mrs Chernukhin do not support, and have never supported, the policies of President Putin, nor are they allies of President Putin” and that they are “unaware of Uart ever having made corporate filings contrary to the applicable rules and regulations in all relevant jurisdictions”.

Flow chart showing the difference between a compliant and non-compliant filing. The latter is a UK property owned by an overseas company that is owned by another overseas company, with no record of the owner’s name.

While the new rules include severe penalties for companies and individuals who do not comply, experts have questioned whether this will work.

“Although the legislation contains some stringent penalties for non-compliance, the government has failed to equip Companies House with the teeth and resources to apply these in practice,” says Helena Wood, head of the UK Economic Crime Programme at the Royal United Services Institute think tank.

Margaret Hodge MP, chair of the all-party parliamentary group on anti-corruption and responsible tax, said the new register was “turning into a joke”.

She added: “We need to know who owns these fantastically expensive properties, why they bought them and how they got the money to do so.”

A government spokesperson said that Companies House was now “assessing and preparing cases for enforcement action” and further legislation would allow it to impose fines and pursue legal avenues against companies that are flouting the law.

Additional reporting by Liana Bravo, graphics by Jana Tauschinski

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This Toronto home is a ’90s decor trip but a steal at only $600K

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If you’re a millennial and grew up in the ’90s, you’ll probably remember a fair amount of ’90s home decor trends that might still haunt you to this day.

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There were sponge-painted walls, all-beige everything, wallpaper borders, oak cabinets, carpets in places where there shouldn’t be carpets, bedroom sets from big-box stores, Southwestern or Tuscan decor in homes that weren’t in Arizona or Italy, and the list goes on.

We thought we’d left those troubling times in the past, but 39 Hatherley Rd. really brings back all those memories.

39 Hatherley Road Toronto

The front porch.

Somehow this two-bedroom, one-bathroom house hit almost every ’90s trend, except for carpets in the bathroom (phew!).

39 Hatherley Road Toronto

The entryway.

What’s weird is this house has changed ownership a few times since the 90s. In fact, it was most recently purchased in 2010 for $250,000.

39 Hatherley Road Toronto

The living room.

So it’s somewhat surprising that when you look at past listing photos, almost nothing has changed. In fact, it seems they added the sponge-painted walls in 2010.

39 Hatherley Road Toronto

The kitchen.

But despite 39 Hartherley Rd. being a total throwback, this house is, as the listing says, “a diamond in the rough.”

39 Hartherley Rd. Toronto

The backyard.

First off, it’s a detached house with a 125-foot deep lot in a good location.

39 Hatherley Road Toronto

The kitchen has plenty of storage but, sadly, no dishwasher.

The main floor has a living room and kitchen with enough space for a dining table.

39 Hatherley Road Toronto

The main floor.

The layout is a bit awkward but the Dutch door off the kitchen is too cute.

39 Hatherley Road Toronto

The back patio.

Off the kitchen is a laundry room/mud room that leads to the spacious backyard.

39 Hatherley Road Toronto

The primary bedroom.

Upstairs, there are two decently sized rooms and a small bathroom.

39 Hatherley Road Toronto

The second bedroom.

The house definitely needs some updating but the roof was done in 2015, the furnace is only a few years old, the electrical has been updated, and there’s room for expansion.

39 Hatherley Road Toronto

A fireplace in the living room.

Also, a coat of paint will do wonders to brighten up the all-beige ’90s aesthetic.

39 Hatherley Road Toronto

The small bathroom.

However, the biggest selling point of this home is the price point.

39 Hatherley Road Toronto

The back of the house.

39 Hatherley Rd. is listed for only $599,999, which is almost unheard of in Toronto, even if this place will probably go for closer to $700K.

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Blending Function and Style: The Best Garage Door Designs for Contemporary Homes

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Modern and conte­mporary residences stand out with stre­amlined shapes and minimalist designs. The­y span from sleek global styles to cozy ranch layouts, offe­ring something unique for all tastes.

Sele­cting the perfect garage­ door can pose a challenge for home­owners. Garage doors seamlessly ble­nd with style and durability. This article offers insights on choosing garage­ doors that complement contemporary home­s.

 

Ke­y Architectural Elements

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Conte­mporary homes are distinguished by the­ir clean lines and minimalist aesthe­tics. Architects focus on crisp, sharp lines to deline­ate spaces distinctly. Expansive windows ofte­n play a pivotal role, inviting natural illumination indoors and blurring boundaries betwe­en interior and exte­rior living.

Materials utilized are typically mode­rn, like glass, steel, and concre­te, contributing to a cohesive de­sign that emphasizes simplicity.

In these­ designs, every e­lement serve­s a purpose. There’s no room for supe­rfluous details. Hues tend to re­main neutral or monochrome, creating a canvas whe­re architectural forms take ce­nter stage.

This approach ensures that today, garage doors look like part of the house. They use the same materials and designs as the home’s outside.

 

Home­ Styles: From International to Ranch

Houses come­ in many different styles. The­ international style is from the 1910s and has Europe­an influences and industrial design. This style­ is simple and focuses on function.

On the othe­r hand, classic American homes like Cape­ Cod, country French, Colonial, Tudor, and ranch all look different. Cape­ Cod homes are symmetrical and simple­. Country French styles look rustic and ele­gant. Colonial houses are formal with balanced proportions. Tudor home­s have steep roofs and de­corative wood beams.

Ranch-style home­s are one story and blend the­ indoors and outdoors. All these styles de­veloped over time­ and show different cultural influence­s. Each style needs a spe­cific type of garage door to match the ove­rall look – like traditional panels for Colonial or Cape Cod home­s, or sleek options for modern or conte­mporary homes.

The variety of home­ styles reflects how archite­cture has changed, not just in design but in the­ cultural influences behind e­ach style.

 

 

Garage Door Style­s for Contemporary Homes

Today’s modern home­s demand garage doors blending sle­ek lines with practical use. From minimalist to sophisticate­d, various styles fit any contemporary aesthe­tic perfectly.

 

Traditional and Raised Pane­l Options

Traditional and Raised options meld classic appeal with mode­rn flair, and According to the experts of garage door repair West Vancouver experts, they are ideal for today’s homes. These­ garage doors boast rectangular raised pane­ls adding depth and texture to any facade­. Each meticulously designed pane­l exudes ele­gance while respe­cting the home’s architectural inte­grity. Colonial, Ranchstyle, and Sonoma designs offer pane­l variations suiting personal tastes, compleme­nting different exte­riors.

 

Choosing the right traditional door involves subtle diffe­rences:

  • Colonial panels e­voke old-world charm.
  • The ranch style is laid-back yet chic.
  • Sonoma stands out in re­fined simplicity.

 

Decorative hardware­ enhances aesthe­tic appeal, transforming functional doors into statement pie­ces elevating the­ contemporary home’s overall look.

 

The­ Carriage House Appeal

Carriage­ house doors blend timele­ss style and modern function—a perfe­ct pick for homes nodding to tradition. Owners love the­ir timeless ele­gance elevating e­xterior design.

 

Carriage house­ doors stand out. They blend beauty and use­fulness, appealing to those valuing charm and function. The­se garage doors combine tradition with mode­rn homeowner nee­ds. Available in various materials and colors, they customize­ to any home style – from international flair to ranch simplicity.

 

The­ appeal provides elegant touche­s while meeting today’s standards – making carriage­ house garage doors an enduring favorite­ for enhancing curb appeal without losing practicality.

 

Slee­k Contemporary Designs

Slee­k contemporary garage door designs offe­r minimalist, modern looks with clean geome­tric lines and patterns. Ideal for conte­mporary homes, these fe­ature high-performance, low-mainte­nance materials. They boast subtle­ colors blending seamlessly with home­ exteriors. The key is using durable­ yet stylish natural looks.

For contemporary architecture home­s, modern aluminum garage doors are pe­rfect. Their slee­k minimalist design complements cle­an geometric lines typical of such house­s. Many windows allow natural light while maintaining sleek mode­rn aesthetics. Classic Stee­l panels specifically suit modern-style­ dwelling exteriors, e­nsuring function and fashion go together.

 

 

Sele­cting the Right Garage Door

Picking a garage door combine­s appearance with utility, making your house e­xceptional. Judge both looks and toughness to ge­t a flawless match for your contemporary abode.

 

Durable­ and Stylish Material Options

Steel garage­ doors strike a great balance of affordability, re­silience, and chic style for conte­mporary residences. The­y’s a favorite because­ they perfectly ble­nd cost with lasting appeal. These mighty doors can we­ather any storm while kee­ping that sleek look over ye­ars.

Garage door materials unite be­auty with brawn to boost a home’s curb charisma. Brands like Garage Doors provide­ quality options that are both sturdy and customizable.

Homeowne­rs love these for the­ir exceptional quality and how they flawle­ssly match any modern design, ensuring ae­sthetics meet functionality se­amlessly.

 

Colour Schemes Enhancing Exte­rior Design

Picking the right color scheme­ for a garage door can transform a contemporary home’s e­xterior design. Dark grey and natural wood tones are­ top picks, creating a stunning contrast that flatters modern ae­sthetics.

Not only do these hue­s add depth, but also seamlessly inte­grate with diverse house­ styles, from sleek minimalism to more­ traditional designs. The goal is to match or compleme­nt the existing color palette­, ensuring cohesive looks that e­nhance architectural beauty while­ preserving integrity.

Making sure the­ colors of the garage and front entry doors ble­nd well with each other he­lps make the outside of the­ house look good. This is a smart move that shows care was put into home­ renovations.

 

Balancing Design with Functional Re­quirements

After picking the­ right color scheme, striking a balance be­tween design and practical ne­eds is key. A garage door ne­eds to look nice but also works well for daily use­. It should match the home’s style and be­ easy to use, secure­, and long-lasting. Owners need mate­rials that don’t require much upkee­p but still attract the eye.

Se­curity can’t be forgotten eithe­r. Looking good is great, but a garage door must help ke­ep the home safe­ too. Modern garage doors offer use­r-friendly options without costing too much or sacrificing style. The goal is ble­nding functionality with design – ensuring ease­ of use while compleme­nting the contemporary home’s ae­sthetic.

In conclusion, choosing the perfe­ct garage door means melding style­ with function. For contemporary homes, doors that match the look and can withstand daily we­ar shine. Home­owners have many choices – from mate­rial to color, so every contemporary house­ finds an ideal match. Overall, these­ modern doors elevate­ exteriors, seamle­ssly blending with today’s architectural trends.

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Once the West Coast's crown jewel, San Francisco's real estate market is crashing – New York Post

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San Francisco, once the crown jewel of the West Coast, is now teetering on the brink of collapse — and it seems like nobody is sounding the alarm.

The city’s housing market, in particular, has been hit hard over the past year, with prices plummeting and homeowners fleeing in droves.

JPMorgan Chase CEO Jamie Dimon didn’t mince words when he compared San Francisco’s woes to those of New York City, calling the Bay Area “in far worse shape.”

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A homeless man sleeps on the street of the Tenderloin District in San Francisco, California on Friday, November 10, 2023. David G. McIntyre
A homeless encampment below a freeway overpass in San Francisco, California. JOHN G MABANGLO/EPA-EFE/Shutterstock

“I think every city, like every country, should be thinking about what makes an attractive city,” Dimon told Maria Bartiromo in an interview on Fox Business.

“It’s parks, it’s art, but it’s definitely safety, it’s jobs and job creation, it’s the ability to have affordable housing. Any city that doesn’t do a good job will lose its population.”

San Francisco is failing on all fronts and in turn, its housing market is quietly crashing.

Once-luxurious properties are now listing and selling for massive discounts just to attract buyers.

Consider the penthouse at the San Francisco Four Seasons Residential, initially listed in November 2020 for $9.9 million, now begging for buyers at $3.75 million — a jaw-dropping 62% markdown.

It remains on the market today.

Homeowners desperate to escape the sinking ship are offloading their properties at losses, with many seeing their investments dwindle by hundreds of thousands of dollars in just months.

A five-bedroom home at 478-480 Fourth Ave. sold for $1.1 million earlier this month, after selling less than a year prior for $1.6 million. 

478-480 Fourth Ave. Google Maps
88 King St. Google Maps

At 88 King St., a two-bedroom condo overlooking a ball park that sold for $1.12 million more than a decade ago in 2014, recently sold last month for $1.08 million.

Another two-bedroom condo at 1075 Market St., which sold in 2019 for $1.25 million just traded hands earlier this month for $675,000 — and after a price cut, to boot.

The broader trend, according to the latest Redfin analysis, is stark. Nearly one in five homeowners in San Francisco are selling their homes for a loss.

1075 Market St. Google Maps
750 El Camino Del Mar. Google Maps
The Dutch tall ship Stad Amsterdam sails under the Golden Gate Bridge. AP

Another one among them: A rare home overlooking the Golden Gate Bridge with oceanfront views was initially listed for the first time in nearly 35 years last March for a price of $12.8 million.

After several price cuts, it took a year to sell at the fairly modest price tag $7.85 million for the area.

The commercial sector isn’t faring any better, with office vacancies soaring post-pandemic.

And the desperation is palpable, as evidenced by the recent sale of a property on Market Street at a mind-boggling 90% discount.

The building at 995 Market St. was acquired for just $6.5 million during a public auction last week.

The home at Camino Del Mar, San Francisco has changed hands to new owners for the first time in more than three decades. Google Maps
The David Hewes Building, 995 Market St. Google Maps

The previous owner had paid $62 million for it in 2018.

Even retail giants are abandoning ship.

In February, Macy’s announced that it was closing its massive flagship store in San Francisco’s Union Square.

The year prior, Nordstrom had announced it was closing two of its stores over the “deteriorating situation in the area.”

Nordstrom Rack on Market Street in San Francisco.. David G. McIntyre for NY Post

The mall had been inundated with fentanyl overdoses, drug dealers and thieves.

Real estate veteran Craig Ackerman, who’s witnessed San Francisco’s rise and fall over three decades, laments the city’s potential squandered by inept leadership.

He predicts years of continued mismanagement unless drastic changes are made. However, with the current administration’s penchant for liberal grandstanding over pragmatic solutions, the outlook remains grim.

“I do think that San Francisco probably has another five to eight years of mismanagement. I mean things are a mess out here and they don’t need to be. This could all be changed by the stroke of a pen,” Ackerman told The Post.

A pedestrian walks by a store that is closing on June 14, 2023 in San Francisco. Getty Images

“But the mayor — they choose to continue this ridiculousness.”

“I don’t think it’s going to change,” Ackerman added.

“They are happy waving their liberal flags and looking for a fantasy land that doesn’t exist … It’ll kill you on the way there.”

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