Homeowners have reacted with “horror” after parliament finally voted against protecting them from post-Grenfell fire safety costs that could run to £10bn.
MPs have for the fifth time rejected an attempt to protect hundreds of thousands of leaseholders from crippling fire safety bills of up to £100,000 each.
Being hailed as the first part of the biggest English property law reform in decades, the announcement of new ground rent legislation is set to extensively change the residential property market.
At the beginning of the year, the government announced its plans to reform the leasehold system to put more power in the hands of leaseholders. So, what did the guidance include, how long might it take to become law, and what are the considerations for developers?
Five months after saying it would look into the scandal, the CMA says the firms to be probed are Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey.
Flat owners in Manchester block say they face bankruptcy unless government steps in
Some 600,000 leaseholders within towers fitted with unsafe cladding will soon be able to sell their homes now that their freeholders can apply for government funding to complete the work.
Residents in one of Manchester’s most famous buildings have been given a month to pay thousands of pounds in service charges, in what an MP said was an “egregious example of leaseholder abuse”.
The Competition and Markets Authority is set to take action after finding potential mis-selling and unfair contract terms in the leasehold housing sector.
An investigation into the leasehold property market has found "worrying evidence" that buyers are being treated unfairly and charged unreasonable fees.
Right-to-buy owners are up in arms after being charged £24k for a new communal heating system
The housing sector has potential to unlock a vast amount of political capital for the new Government. With new-found support for the Prime Minister across the country, the housing sector can support Government by delivering a new generation of homes and making home ownership more accessible. Alongside progressive policymaking, the Government needs the backing of institutional investors who can provide long-term capital, often from pension funds. However, there is a current danger that some of the reforms the Government are pursuing – such as those in the residential leasehold sector – increase the risk of driving long-term investment away from the market.
Law Commission aims to make it cheaper for leaseholders to buy freehold or extend lease
The system of pricing extensions for leasehold homes has been branded "absurd" by a campaigner.
There were an estimated 4.3 million leasehold homes in England in 2017/2018, equating to 18% of the housing stock, the latest official figures show.
When Denise Sullivan bought her new build home in Pembroke in 2016 she made sure it was freehold.
"I don't trust landlords and leaseholds. I promised myself I would never get involved with a leasehold property.
The price premium being paid for a freehold property by home buyers in England and Wales is at its highest since 2011, enhanced by issues relating to leaseholds, new research suggests.
After reaching an out-of-court settlement with leaseholders at a Cardiff site, campaigners say all its leasehold-sold clients should also be given freehold status without charge.
Ongoing problems are beginning to seriously impact the housing market as leaseholders wait for months to update leases prior to putting properties on the market.
The recent announcement by Housing Secretary James Brokenshire that sales of leasehold houses are to be banned is already impacting the market, ONS figures show.
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