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---LEASEHOLD TENURE AT LLAJSDUDNO.

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LEASEHOLD TENURE AT LLAJSDUDNO. IMPORTANT PROPOSALS BY LORD MOSTYN. R COMMUNICATION TO THE COUNCIL At a meeting of the Llandudno Council, on ffuesday, Councillor J. 0- Thomas, J.P., F^" tiding, the Clerk read the following letter from Mr G. A. Humphreys, the local agent to the ilostyn Eet ate — "Adverting to your letter of the 19th of Ny. last, enclosing copy of a, resolution, as to via desirability, in the opinion of your Council, I that Loro Mosfcyn be asked to consider whether b3 a moderation in. the terms of building P^Tiiire a TeBideiitial population could not lie ga-,ouTa,,ed to come infto their midst.' I am desired, to inform you that during the last three oeais the question of not only granting building leases in the future for a longer term than 99 years, but, also, of affording facilities for the conversion of existing leases into leases for an extended period, has been under the earnest- aousidexation of his lordship, and preliminary steps, with the object of carrying out the (cfaeme were begun. Owing, however, to reasons into which it ie not necessary to enter, it was deemed advisable to suspend, for a lime, the steps re-ferre-d to. But the reasons 100 sufipension having been removed, the con- sideration of the matter has been resumed. I am pleased now to inform you: that progress in settling the details—which, as you will under- etMid, require considerable thought and oore- Has been made to such an extent that his lord- 5bip expects to be in a position, Ln. the course of the lléxt, three months, or so, to apply to the 0Oiurb for the necessary sanction to the scheme Ifeing put into operation. His lordship is pleased to give this information, feeling sure that, coming from the Council, their resolution yvas dictated by no other motive than their irish. to serve what they consider the best in- terests of the town." Mr Bellis said that it was an important letter, indeed, the most important for the interest of Lriandudno during the last 50 years. It meant the revivicatioii: of Llandudno and another lease .f life to the protsperity of the town. He pro- posed that a hearty vote of thanks be sent to Ijord Mo&tyn, expressing tie piensuxie with, which they learnt of the proposed ameliora- tion in connection with the leases. Mr Marks, in seconding, observed that it was the most important letter ever read at that table. The motion was unanimously agreed to. OPINION OF LOCAL EXPERTS. (Interviewed by the "Herald'' Representative). Realising the importance of Mr G. H. Hum- phreys' letter regarding Lord Mostyn'a pro- posals with regard to future leases and the present 99 years terminable leases, 1 ventured to interview a number of local experts as to the probable effect of the change on the future of Llandudno. Unfortunately, I am unable to publish, in this issue, the opinions of all that tl have seen, because of want of space and time. COUNCILLOR RICHARD BELLIS, SOLICITOR, was busily engaged in his office when I called. He has taken a deep interest in the matter, and everything appertaining to the welfare of tJandudno, and, as your readers are well aware, occupied the. position of our leading citizen during the year 1903-04. The lease- bold question is an old subject which Air Bollin and the writer has discussed on more than one occasion. "The best thing I can do," said Mr Bellis, "is to read to you a. letter which I wrote to Lord Mostyn. It will give the case in a nut- shell." "The lease of this property which was for a term of 60 years will expire in 1913, and I am desired by the owner to inquire whether it would be possible to surrender the present lease, and obtain a fresh one, say, for 99 years, or a perpetual renewable lease for 75 years. If such an arrangement as I Buggest can be carried out, kindly let me know the terms, and, also, what it would be to pur- chase, and, also, whether it would be pos- sible to apply, pro rata, the same arrange- ment to other terminable leasehold in the town. If this could be done, it would be one of the greatest services Lord Mostyn could possibly perform, and there is no reason why the estate should not, also, benefit in carry- ing it out. Our greatest difficulty here, and one that looms threateningly, in the near future, is the fact that four-fifths of the pro- perty is mortgaged, and most of this to trustees who are precluded from making ad- vances on unexpired terms of less than 60 years, and who as this period approaches, are compelled to call in the sums secured. In conclusion, I can only say, that the sug- gestions, herein, are submitted by me with the deepest respect for the consideration of Lis lordship and his advisers, and also the hope that my doing so will not be deemed an act of presumption on my part." "That," continued Mr Rellis, "was the letter which. I wrote to Lord Mostyn's agent. The question is of the highest importance, so far as the future of Llandudno is concerned. In theory, the idea of granting building leases is a. good one Tor neighbourhoods where land is plentiful and capital is scarce, but if as a matter of experience it is found that the speculation is decreasing in value as the ex- piration of the term begins to grow appreciably neaT, the leasee's position becomes a dangerous one, and the danger is that the property may become abandoned and allowed to fall into a ruinous state of repair, and so the ground landlord, who fully expected to receive his reward at the end of the term simply comes into possession of a. property which; is con- siderably depreciated because of its ruinous state. This system has operated very well in very large towns, because, in most instances, the rise has been more gradual than has been the case in Llandudno. The birth of Llan- dudno may be fixed between the years 1855 and 1865. During that period a large number of [ leaseholds were granted in respect of property which are now amongst the most valuable in the town. Therefore, it follows that within a short period of years these leases will termin- ate, and the question naturally arises, what will be the position of those affected; during the last 20 years of the term? It would mean that capital would be called in that property ,would be sold at a value based on ten years rental; rents would1 come down and that .would also bring down the rates and taxes. So that from the bottom to the top there would; be considerable de- preciation. If the ratable value of the town decreased, it could not carry out any improve- ment for the simple reason that all the money available would be necessary to meet its exist- ing obligations, and, eventually, the ground landlord! would bake possession of a town, which for a number of years, must have been neglected. Now, this, without any loss or hardship to the ground landlord, or the lease, could be avoided:, by the latter depositing a eumsof money which, at the end of the tenure, .will, by a process of compound interest, re- present the value of the house at that date, so that the ground landlord, instead' of taking hold of the property will simply take over the aecummulatioti of capital. The only objectioni 'to this is that assuming you fix the value of property now at a certain sum, you will also (have to take into aeoount the probable in- creased value between now and! the termination of the lease. But I contend that if the position which I stated is a true one, at the end of the term, the great 'probability is that there would be a considearbly reduced value. At ttho present time a man may own leasehold1 property in Mostyn-street of the value of jB10,000, but unless he has an unexpired! term of over 60 years in the Taoperty, he would find it utterly impossible to borrow even JB500 from trustees, whereas if he could renew that term he would find no difficulty in obtaining front trustees the sum which ho would have to pay fOT the purpose of renewing the lease." COUNCILLOR J. O. THOMAS, J.P. (Chairman oi the U.D.C.). As a builder and contractor, there are few, if any, in Llandudno, better qualified to speak on the question at issue, than Councillor J. O. Thomas..Being a busy man, I found some diffi- culty in finding him- When found, he said I have studied the matter for the last tcn or 15 Y-eam, and in that time' I, in common with other persons interested in the building trade, and tine welfare of Llandudno, have come to the. conclusion, apart from either the cost of the land or the building, that one of the chief draw- backs, up to now, is that we, as builders and speculators, are not in a position to offer small and medium-sized freehold properties, whereas neighbouring sear-side resotrte, such <a'9 Colwyn Bay, and other towns are able to offer such inducements. Now, bearing in mind that the Mostyn Estate grants nothing, to my know- ledge, but 99 yeate leases, private people with email and. medium income, do, as a rule, object, out and- out, to these terminable leases. Hence the reason why we find so few (oomparativly) private people living in their own villas. So far as we are at present able to judge the pro- posals of Lord Mostyn to convert the 99 years' leases to, i:u all probability, to 999 years, the question arises, what sort of valuation his lord- ship will put on the present leaseholders. If the fine for renewing the present leases is fair and equitable, I think that it would be. to the interest! of eveity leaeehdMier to renew. I should' for one. On the. other hand, if the t eTms are iexcesgive and prohibitive, the probability is that leaseholders will not consider' it worth their while to renew, with the result that the people will let the property depreciate in value and! appearance. Under such circumstances, not only will Lord Moetyni suffer, but, also, the I interest of the whole town. I should like to emphasise the fact that with my long experience of the building trade, I have iLong come to the conclusion that people who are in a position to acquire their own houses aTe gradually be com fog more confirmed against the leasehold system, mid, therefore, ffo to districts where they can buy their own free-hold at market value." MR JOHN ROBERTS (Clarence House). Mr Roberts, as most of your are aware, is the chairmaTh of the Llandudno Rat-e- payers' and Owners' Association. Upon being questioned1 om tlie subject, Mr Roberts said The leasehold system in' Llandudno stands in very urgent (need of reform. In the very near future it will militate in a, consider- able degree, against the interests of the land- lord., leaseholder, and the householder. Now. that Lord Mioetyn has taken the matter in hand, I have the greatest confidence' in his fairness foresight, and sound judgment." i COUNCILLOR J. J. MARKS, M.A., SOLICITOR. Councillor Marks had' an important, profes- sional engagement at Bettwsycoed on Wednes- day, and, therefore, was only able to state his views briefly. Replying to my query, Ooun- cillor Marks said "There is no doubt that the Moetyii Estate letter, Tead at yesterday's Council, will be received with' considerable satisfaction in, Llandudno as an earnest of Lord Mostvn's intention to grapple with a difficulty which those of us who are in the legal profes- sion have sco much practical acquaintanef with. A broad-mindedl scheme (and. such I btelieve it will 'be} on the part of the estate will do in- calculable' good to our town, by benefiting the present tenants and inducing outside people to build' residences1 here. MR ALFRED CONOLLY, SOLICITOR, Mr Oonolly, who is clerk and oolicitor to the Urban Council, is well qualified to express an oryinion on the s-ubiect at issue. After some diiffidenoa, Mr Oonolly \'?a.id :—"I think that the grantincr of eoctendod terms for building leases would have a very beneficial effect upon the welifaro of the town. It has been, and1 still is. the aim of thoso who are tlie most interested in Llandudno to 'encourage what. is called the "re- fiidentSal class" to purchase property, anid vsettle In our midtst; but. undoubtedly, the great ^tumbling block has been the existing system of leasehold tenure. Persons who live in the Northern towns and the Midlands are used to long leajsea and freeholdis, and they look with great disfavour on short leases-. I believe it to be a fact that negotiations for tihe purchase of property have frequently fallen througth owing' ,d to the impossibility of arranging for extended r leases in dtesired: patrta of the town. Of course, ■ we know that it is impossible to purchase even I a freehold! in the town, but only in certain part's. What is required is free scope to permit ] an intended purchaser to select 'his own site. I hope that when tlio necessary details are settled by Loid. Mostyn, they wilL be found' to be such as will encourage a more rapid growth of thi* town, and an. influx of the desired "residential class. COUNCILLOR A. J. OLDMAN (Ex-Mayor of Conway). As secretary of the 'Uandudno Town Improve- ment Association, auctioneer, valuer, and a. business man the views <yf the ex-Mayor of Conway should be of particular interest. 1 pc: was exceedingly pleased," he said, "to read: the letter from the resident agent of the Mostyn j estate upon the subject of building' leases. J Should the estate be able to grant land for building purposes upon extendetd leases, say for 999 years, similarly to the Derby and other estates, or freehold, I believe that we can hardly realise the vast improvement in the progress of the town that will necessarily result. Wit.h in- creased security of tenure, increa.sed value of the land and the property erected thereon must follow. Should the estate be able to extend the existing leaises, great benefit will be conferred, and. the town as a whole will share that benefit. Those or us Who have come in contact with probable residents and visitors must admit that I the rate of progress. in Llandudno would' have 'been much greater than it has been, were the present system of land! tenure not in vogue. Ladies and gentlemen desiring to retire, and. to take up their abode in seaside resorts, naturally cunsMer the present value of property and its future prospects ere venturing to pur-chase, r re- quently, it. has occurred1 to my personal know- ledge "that 6Uob probable residents ttia^e cone elsewhere .—to Colwyn Bay, etc.,—in order to obtain property upon more advantageous terms I in this respect. It is an mdisputed fact that the prosperity of a seaside resort during the winter especially depends in a large measure upon its residential population. The proposed extension and improved system of leasing land must, inevitably result in an increased number of such residents." MR W. BSVAN, J.P.. said that the proposals oi Lord Mostyn, if at- tended with fair and equitable terms, would give leaseholders, more interest in the town. J MR ISAAC SLATER, C.C., expressed1 similar viewB, and. added that he hoped that the proposed' new scheme wiSl in- clude reasonable terms by which the holders of 75 renewable leases" can become froetiolaeTg.

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