Property News · July 29, 2017

Victory! New-build leaseholds banned … but what of those already trapped?


The government has proposed a total ban on new-build leasehold houses, but existing homebuyers say they remain trapped, forced to pay large fees. We report on the latest twists in the growing scandalMany leasehold homeowners face being charged hundreds of pounds just to obtain permission to switch to a new mortgage, Guardian Money can reveal. And some must even hand over a fee to the freehold owner if they want a pet. It’s the latest twist in the growing scandal of unfair and outrageous demands made by private companies that snap up freeholds from developers, then hit homeowners with huge costs.The government this week announced plans to ban leasehold on future new-build homes, and cut ground rents on new flats to as low as zero. But those already trapped in spiralling ground rent contracts say the nightmare will continue until developers are forced to pay compensation. Continue reading…

Source : theguardian.com
Read more…Victory! New-build leaseholds banned … but what of those already trapped?

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