Leases axe for houses
ALL newbuild houses will be sold freehold in future under a shake-up to stop the leasehold rip-off.
Leases mean homeowners can face ground rent charges of £700 a year and see little in return.
Now any new leases issued will have ground rents capped at £10.
Communities Secretary James Brokenshire is consulting on the move before he legislates.
He said: “Unfair ground rents can turn a homeowner’s dream into a nightmare. And it makes properties harder to sell.”
Leaseholds usually apply to flats with shared spaces but developers increasingly ripped off housebuyers by making them leasehold.
The only exceptions under the new system are likely to be community housing and shared ownership properties.
MOVES: Mr Brokenshire
ACCUSED: Royal Mail