Property News · October 29, 2016

The new-builds catching house buyers in a leasehold property trap


Recently built homes have been left unsaleable, with owners asked to fork out five-figure sums for freeholds. We investigate the latest leasehold scandalWhen Clare Budgen bought her first house in Ellesmere Port in 2009 for £155,000 the last thing on her mind was the lease. Taylor Wimpey, the developer, arranged the lease on a 999-year basis, so what could the then 22-year-old possibly have had to worry about?But just seven years later, when she looked into buying the freehold (to enable her to sell the home more easily in the future) she was astonished to find that, first, Taylor Wimpey had sold her freehold to another company, E&J Estates, and, second, it wanted £32,000. Continue reading…

Source : theguardian.com
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