Residents face £11,000 charges after firm revives decades-old housing rules

Fintan Starkey
Sun, 12 Apr 2026 15:00:52 +0000

Homeowners in Bexhill are being hit with demands for thousands of pounds after a company acquired the land beneath their estate's roads for just £1.

Asset Invest Ltd purchased 87 titles from Bilton Land Limited in August 2023, gaining the authority to enforce restrictive covenants dating back to the 1960s and 1970s on the former Percy Bilton development.

Over a dozen residents received correspondence last August informing them that alterations to their properties, including sheds and extensions, required retrospective approval under these historic deed restrictions.

The firm states it is attempting to "provide a pragmatic and proportionate route to regularisation, where required".

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Such contracts were originally implemented by developers as a method of maintaining an estate's character.

Stuart Cowley-Wenham, a 17-year resident of the estate, initially suspected the letter was fraudulent.

Upon contacting Asset Invest Ltd, he received a quote of £7,750 covering retrospective consent for fencing, internal wall modifications, an annexe, and a replacement conservatory, all of which had received council planning approval in 2006.

"The annexe was built for my partner's parents who had disabilities and we look after rescue dogs, so we had six-foot fencing done but in the title deeds it says that it should be chain link fencing," he explained.

"You feel angry because you've already got planning permission from the council, you've already done everything you should do," he added.

Kathy Bernard, who has resided on the estate for a decade, described feeling "very angry and very frightened" after receiving her letter regarding an extension.

"The last thing I want is my husband in a care home, me at my lowest ebb and [the company] coming after me for £11,500," she said.

Land Registry records reveal the transfer took place on 10 August 2023, with Asset Invest Ltd paying £1 plus VAT for the bundle of titles.

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The company, registered to a shared London office address, had its most recent accounts from November 2025 list it as dormant with net assets of £1, though it now appears as active.

Director Fraser Karlsen told the BBC the correspondence was sent solely in response to enquiries from prospective buyers, sellers, lenders and solicitors, insisting the firm does not "actively operate in this area unless requested to do so".

However, Ms Bernard was not attempting to sell her property when she received her letter, and at least nine other recipients were similarly not involved in any property transactions.

Mr Karlsen stated the company was addressing administrative matters with HMRC and Companies House regarding its dormant classification.

Dr Kieran Mullan, the MP for Bexhill and Battle, has taken up the residents' cause and is scheduled to meet Housing Minister Matthew Pennycook later this month to raise the matter.

The MP acknowledged that covenants serve a legitimate purpose but warned there was a danger that firms could "have people over a barrel" and "exploit that" situation.

Mr Karlsen maintained that all financial figures quoted to residents followed a formal valuation process aligned with Royal Institute of Chartered Surveyors guidance.

The affected homeowners are currently obtaining legal counsel as they consider their options.

Asset Invest Ltd describes itself on its website as a specialist in land investments throughout the United Kingdom.