Yet another example of how working people are being misled and exploited by greedy speculators is the growing prevalence of new build houses being sold leasehold. Buyers are then subject to ground rent and other fees, e.g. a fee of £3,000 just to obtain permission to build a small extension. Personally, I think the whole system of leasehold should be abolished and replaced by something less feudal but this is a particularly awful example of how the system is being exploited.
Apparently some of the conditions applied to leaseholders (e.g. the doubling of ground rent every 10 years) have made their properties virtually unsellable. To add to that, some developers have sold on the leases to investment companies who then proceed to raise the cost of buying the freehold to extortionate levels. An example was given of the original cost of purchasing the freehold being around £7,000 rising to £45,000.
There is growing anger about these unscrupulous methods of extracting money from homeowners, and several publications have reported on the scandal.
In any event, gransnetters and everyone else should be aware of the dangers of buying houses on newbuild developments so that they can warn their grandchildren or anyone else they know who may be considering such a purchase.
Eloethan Mon 15-May-17 09:47:01
MawBroon Mon 15-May-17 10:06:25
Eloethan Mon 15-May-17 10:27:23
angelab Mon 15-May-17 10:47:38
Eloethan Mon 15-May-17 11:28:40
janeainsworth Mon 15-May-17 11:59:57
janeainsworth Mon 15-May-17 12:00:19
sunseeker Mon 15-May-17 12:05:07
sunseeker Mon 15-May-17 12:09:21
Tallulah57 Mon 15-May-17 16:40:27
tanith Mon 15-May-17 17:20:13
janeainsworth Mon 15-May-17 17:55:06
M0nica Mon 15-May-17 18:08:00
Grannyknot Mon 15-May-17 19:40:14