Propertymark recently published the findings from a recent survey, showing that leasehold house owners are paying £319 in ground rent costs every year, accumulating to £447 million. NAEA Propertymark report that one in ten home owners say these costs are affecting their quality of life. The current leasehold scandal not only affects homes but the residents who are trapped in them.
What does the future look like for these homeowners?
Unfortunately, homeowners who are victim to the leasehold scandal find moving house and finding new interested buyers difficult. This is because many lenders will not approve mortgages with expensive ground rent – especially as this figure is expected to rise. The scandal has also been highly publicized and as a result, potential buyers may already know of the risks associated with purchasing a home as a leasehold owner.
Can it happen to new buyers?
Luckily, the government has proposed a ban on the future sale of newly-built houses as leasehold. Additionally, there is an ongoing investigation on the scandal which will hopefully create a clearer picture on who is to blame. However, new buyers should still be cautious and aware of the current updates on the scandal. As the ban has not officially been put into place, unaware new buyers can still become victims.
Are you a victim?
If you feel trapped in your current home because of the leasehold scandal, LeaseClaims can help you prepare to issue claims against your solicitor and get the justice you deserve. If you’re interested, contact us.