Some of Len McCluskey’s closest supporters are putting it about that his London apartment – for which he was given over £400,000 of members’ money to buy – is part of a “shared ownership” deal with the union.
It is just not true – as these records from the land registry (a publicly available record) show.
Len McCluskey owns the “title absolute” of the leasehold property – in other words no-one else owns the leasehold property. There is no sharing of ownership here at all.
There is a charge on the property which, as the records show, places a restriction on Len McCluskey’s disposal of the property: the union say this charge means that McCluskey must share the equity gains he makes on the property on it being sold. That is not shared ownership.
(The records also show that Len McCluskey has borrowed no money from a bank or building society to make this purchase.)
As ownership is not shared, Unite get no rental income from the over £400,000 of members’ money they have given McCluskey for this property. There is nothing to suggest he pays interest on it either – though we cannot be sure of that, though it is worth noting that in the past McCluskey has been give loans from the union where interest was charged – but below base rate. Charging below base rate today means charging nothing.
As McCluskey has no standard mortgage on this property, it looks as though he is living rent and interest free in one of London’s most desirable locations – all thanks to the generosity of Unite’s members.
Generosity, we also know, that was extended without the prior assent of the elected Executive Council.