Leasehold of new properties

The CLC very much welcomes the government’s consultation on tackling unfair practices in the leasehold market. (Read more)

The use of leasehold for new build properties that do not require a leasehold ownership arrangement seems to be another manifestation of what has been described as the ‘broken housing market’. It is not yet clear why housebuilders began to use leasehold arrangements in the last decade, but it is clear that it was a novel approach that was neither explained nor widely understood as it began to be used.

All players in the housing market have a part to play in making it work for everyone. This begins with the housebuilders or estate agents, who should be clear with their customers about the details of the house they are considering buying and later the surveyors who are confirming the valuation of the property.

Our expectations of the specialist conveyancers that we regulate are set out in our Code of Conduct.  We require the conveyancer to act in the best interests of clients – this includes the lender when the conveyancer is also acting for them – providing good quality, independent information, representation and advice.

If a current or former client of a CLC-regulated firm has concerns about advice they have received they should raise it with their conveyancer in the first instance.

Kindly shared by CLC