New leasehold information rules a big victory for consumers
The endorsement by ministers of proposals to give consumers significantly more leasehold information early in the home buying process was today given a partial welcome by the Law Society of England and Wales.
Law Society president Simon Davis said:
“It is encouraging to see government has recognised just how much easier it will be for consumers to make informed decisions if full information is provided at the very beginning of the home buying process.
“Conveyancing solicitors are usually involved at a much later stage, by which time clients may have already emotionally committed to the purchase – and may be less open to hearing advice about onerous conditions. This can make it much more difficult to advise. A time limit of 15 working days for developers and estate agents to provide the necessary information is therefore entirely appropriate and to be welcomed.
“It is particularly pleasing that alongside the government-proposed key features document for new build homes, there will also be some provision for the second-hand market. This will help consumers to make comparisons between properties they wish to view.
“We are keen to see a satisfactory resolution to all of the issues currently facing affected owners and prospective purchasers of leasehold properties. Although these proposals appear to be a step in the right direction, we look forward to seeing further details of how the proposed legislation will work in practice.”
Kindly shared by The Law Society