Government Leashold Selling Concerns for New Homebuyers
First of all, there are Government leasehold concerns for homebuyers which shows that ground rents have increased.
According to the website The Negotiator, the follwing research was carried out:
“Research by the NAEA earlier this year suggested that 62% of leasehold house owners in the UK felt they had been mis-sold their properties.”
As a result, the Government is looking to stop the sale of unfairly sold leasehold houses.
This is following the recent scandal of over the 100,000 home owners who were found trapped in agreements that:
- charged high ground rents
- enforced unfair conditions
Government Leasehold Concerns Amount
The Government have collected data on leasehold properties in the UK.
The statistics show that there are approximately 4.2 million leashold properties in England.
Furthermore, out of those 4.2 million leashold properties, approximately 2.9 million of them are flats.
Several leasehold homeowners are facing increasing ground rents.
The Government have made reports of such claims and plan to act in the Landlord’s defence.
Typically, Freeholders make alterations to the properties by using ground rent fees.
However, the escalating ground rents are not helping leasehold owners to sell their properties.
Waiting for Government Change
In the meantime, Landlords can take action while waiting for Government change.
The process of implementing an act/law can usually take some time.
How long does it take? Visit the UK Parliament website for more details.
What are the options while you wait?
If the option to sell your property is not currently available, renting your property is an option.
As a result, do your research to find the best possible solution to cover amounting costs.
An option that we offer at Metropolitan and Crown Estate Agent Ltd is the Guaranteed Rent Scheme.
It is an option that can offer “peace of mind” with a consecutive rental payment while you sort out your finances.