Friday, 28 July 2017

Leaseholds On New-Build Houses In England To Be Banned

Builders are to be banned by the government from selling houses as leasehold in England and ground rents on flats could be cut to zero following widespread outrage over exploitative contracts. In a blow for major housebuilders the communities secretary, Sajid Javid, will set out plans to “ban new-build houses being sold as leasehold as well as restricting ground rents to as low as zero”. Flats can be continued to be sold as leasehold, but ground rents will be restricted to a “peppercorn” level and therefore be of little financial value to speculative buyers. The ban is expected to come into force after an eight-week consultation period. Read more on the Guardian website.

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