Leasehold Property Buyers ‘misled by developers’

Only recently the BBC have said that an investigation into the leasehold property market has found “worrying evidence” that buyers are being treated unfairly and charged unreasonable fees.

The Competition and Markets Authority (CMA) said many homeowners found themselves in “serious traps” after being misled by housing developers.

 

source – BBC News

 

Although your solicitor should review any such clauses in a contract of sale it can appear advantageous to the buyer as the cost of the property may look ‘affordable’ from the outset. The BBC also commented that ‘By the time people found out the realities of owning a leasehold, including regular ground rent charges, they were often unable to pull out of the sale, or would have found it very difficult. 

In some cases, ground rents doubled every 10 years. This increase is often built into contracts, meaning people can struggle to sell their homes and find themselves trapped’.


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