Property News · April 5, 2017

Leasehold 'nightmare' will cost homebuyers billions, report warns


Landlords will cash in as resurgence of leaseholds traps buyers in properties with rocketing ground rents, say campaignersThe worsening “nightmare” of the leasehold system in England and Wales is holding millions of homebuyers hostage to exorbitant bills, according to a report by campaign group HomeOwners Alliance, which estimates that landlords are in line to pocket £4bn from lease extensions.Leasehold, once seen as a dying relic of the Victorian property market, has returned with a vengeance since the 1990s, according to the report. In 1996 just 22% of new builds in the UK were sold as leasehold, but this has doubled to 43% today. In London, nine out of 10 new builds are now leasehold. Continue reading…

Source : theguardian.com
Read more…Leasehold ‘nightmare’ will cost homebuyers billions, report warns

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