Major housebuilders may be forced to spend millions
compensating home buyers locked into unfair leasehold contracts, following a
warning by housing minister Gavin Barwell. Barwell has ordered developers to
halt future sales of leasehold houses or face government action next year. He
also told developers to come up with solutions for householders already stuck
in homes where soaring ground rents have made their property virtually unsaleable.
Developers have been selling houses as leasehold, with clauses which allow the
ground rent to double every 10 years. The freeholds are then sold on to private
companies which extract the ground rent, charge high fees if a homeowner wishes
to make alterations, and refuse to sell the freehold except for a huge premium.
Read more on the Guardian website.
No comments:
Post a Comment