Simon Pook: Head of Residential Property
– If you are buying a new build home leasehold, this means you may currently have to pay for the ground rent. This article describes how the Government may be banning such practices in the future. If you would like advice on purchasing a leasehold property please talk to us.
Developers are set to be banned from selling new-build houses with leases that end up costing families a fortune.
Ministers are drawing up plans to outlaw the ‘feudal’ practices of builders who sell new houses with leases, forcing buyers to pay a yearly ground rent to the freeholder.
Some of these fees can double every decade, crippling homeowners and making the property almost impossible to sell on.
The proposed clampdown came as government figures showed the true scale of the leasehold scandal blighting the lives of millions of families.
Read more: http://dailym.ai/2piwpHg
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