NAEA Propertymark comments on Law Commission report on reforming leasehold enfranchisement

Mark Hayward, Chief Executive, NAEA Propertymark, comments on the report from the Law Commission on reforming leasehold enfranchisement published 21 July 2020.

“We have long called for action to be taken to help leaseholders who have been misled and treated unfairly so it is really positive to see  the law commissions report today. For too long, housebuilders and developers have not been transparent enough about what it actually means to buy a leasehold property, which in turn has meant many owners have been faced with escalating ground rents and unreasonable fees, leading them into financial difficulty. In 2017 we argued for leasehold reform through our ‘Leasehold: A Life Sentence?’ report which found that 93 per cent of respondents wouldn’t purchase another leasehold property.

“It’s vital that the proposals laid out in today’s report lead to actions as soon as possible to give some hope to those who are currently trapped in leasehold properties with no easy route out.”

Kindly shared by NAEA Propertymark

Main article photo courtesy of Pixabay