NAEA Propertymark comments on CMA announcement on leasehold selling

Mark Hayward, Chief Executive, NAEA Propertymark, comments on today’s announcement from the Competition and Markets Authority (CMA) that they’re set to launch enforcement action due to serious issues in leasehold selling:

“We have long called for action to be taken to help leaseholders who have been misled and treated unfairly. For too long, housebuilders and developers have not been transparent enough about what it actually means to buy a leasehold, which in turn has meant many owners have been faced with escalating ground rents and unreasonable fees, leading them into financial difficulty. Our research shows three in five (62 per cent) leaseholders feel they were mis-sold¹ and therefore it’s vital enforcement action takes place as soon as possible to give some hope to those who are currently trapped with no easy route out.”

Kindly shared by NAEA Propertymark