Property News · July 8, 2017

Homebuyers desperate to know who really owns their freehold


A pass-the-parcel nightmare sees freeholds sold by major housebuilders to obscure companies which demand huge sumsBuyers who purchased new properties direct from some of the UK’s biggest builders have been left in the dark as investment companies play pass-the-parcel with the land their homes stand on.Take Joanne Darbyshire, 46, and her husband Mark, 47. They bought a five-bedroom house in Bolton from Taylor Wimpey in 2010, and are among thousands of unfortunate leaseholders put on “doubling” ground rent contracts that in extreme cases have left their properties almost worthless, with mortgage lenders refusing loans to future buyers. The only way to escape the escalating payments is to buy the freehold. But in Darbyshire’s case, Taylor Wimpey sold it to Adriatic Land 2 (GR2) in 2012. Continue reading…

Source : theguardian.com
Read more…Homebuyers desperate to know who really owns their freehold

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