Our street was sold to an offshore tax haven - now we're trapped in our homes: ... trends now
Families in a seaside town say they are trapped in their homes and unable to move away after their street was sold to a company linked to a major Tory donor and registered in an offshore tax haven.
Residents in 47 shared ownership properties in Pentowan Gardens in Hayle, Cornwall, said they have suffered stress and anxiety after discovering their homes are virtually unsellable.
In 2014 the freehold of more than 70 homes in three streets in Cornwall - built as affordable shared ownership schemes - were transferred to the British Virgin Islands.
Since then locals say numerous sales have fallen through - some just days before completion - because the buyers weren't able to get a mortgage because the freeholder is based offshore.
The situation is made harder by a Cornwall Council rule meaning only people with a local connection can buy there.
Residents in 47 shared ownership properties in Pentowan Gardens in Hayle, Cornwall, said they have suffered stress and anxiety after discovering their homes are virtually unsellable
Families in the seaside town say they are unable to move away after their street was sold to a company linked to a major Tory donor and registered in an offshore tax haven
The strict guidelines mean to be eligible for affordable housing people need to have lived in Cornwall for a continuous period of at least 12 months; previously lived in the county for five years; have a connection through a close family member; or work at least 16 hours or more a week.
Ross Trewhella, 41, and wife Lorrie, 40, bought the house in 2007 before they had kids but now find themselves in an 'increasingly desperate' situation with the two teenage boys sharing a bedroom.
He said: 'Every house here is unmortgageable which means those of us who want to sell can't because the only people who can buy them have to demonstrate, they are local and have a housing need but can also buy in cash.
'There's no way anybody can buy them. There are people out there who need affordable houses that this would be ideal for but they can't buy them.
'People have had two or three buyers in a row drop out. We have been trying to resolve it for years.
'We moved in before we had kids. 'We were able to buy them for 60-70% of market value through shared ownership.
'We have two teenagers who still share a bedroom. Our original plan was it would be a good starter home. We love the house and the area but had we known this would happen we would happen we wouldn't have bought it.
'We're furious about it and frustrated because it's been dragging on for so long.'
In 2010, three years after the houses were built, the developer which still owned the freehold was taken over by a property investment company and four years later ownership was transferred offshore to the British Virgin Islands.
Ross Trewhella, 41, and wife Lorrie, 40, (pictured) bought their house in 2007 before they had kids but now find themselves in an 'increasingly desperate' situation with the two teenage boys sharing a bedroom
In 2014 the freehold of more than 70 homes in three streets in Cornwall - built as affordable shared ownership schemes - were transferred to the British Virgin Islands
In 2010, three years after the houses were built, the developer which still owned the freehold was taken over by a property investment company and four years later ownership was transferred offshore to the British Virgin Islands
In 2019, the freehold of Pentowan Gardens was sold to Estates & Management Ltd which is part of the Consensus Business Group and manages assets that belong, ultimately, to Vincent Tchenguiz's
