SALES NEWS :- Government steps in to stop scandal of leasehold new-build homes
It looks like a happy ending to the controversy over some new houses which were being sold as leasehold. That meant that some buyers were faced with rapidly increasing annual bills for ground rent and service charges. The government says:
- Almost all new-build houses will be freehold instead of leasehold;
- Annual ground rents will be capped at just £10;
- The new rules will come into effect by spring next year.
Although the new limits will not apply to existing new-build houses which have already been bought, the changes will apply to most houses in future and will end a scandal where some buyers were faced with unexpected annual ground rent fees of up to £700.