Property News · October 22, 2016

Property is theft? Well, leasehold certainly is


Ground rent … sparking seedy practices for which there is no ethical basisIt beggars belief that there can be clauses in a property contract which allow a freeholder to backdate the ground rent and then present an extortionate bill to the unsuspecting buyer of a flat. That we can run a story about Kadian Kennelly, who was expected to pay ground rent of £8,000 a year, and as much as £8m in the future (yes, on her one-bed flat), shows the staggering greed at the extreme end of this “market”. But perhaps we can thank her freeholder for one thing: helping us to throw a spotlight on a seedy practice for which there is no ethical basis.Only in Britain do we persist with an archaic form of property ownership that allows the rich to extract an income out of hard-working homebuyers and provide absolutely nothing in return. What’s more, rather than seeing this practice wither on the vine, it is, astonishingly, actually getting worse. Continue reading…

Source : theguardian.com
Read more…Property is theft? Well, leasehold certainly is

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