Today the National Trading Standards Estate Agency (NTSEAT) team has released a guide for consumers seeking redress for leasehold matters. This is the latest step taken by NTSEAT to help protect home buyers from confusing and complicated leasehold charges.
1.4 million houses are owned in England through a leasehold, including thousands of new builds, yet many buyers don’t fully understand what that means for them. The leaseholder buys the right to live in the property for a fixed term, often up to 999 years. A freeholder owns the property and often a management company runs the building or estate, passing the cost on to the leaseholder. Charges can escalate quickly, with some ground rents doubling every 5 or 10 years, which can cause significant financial hardship to the leaseholder. Many leaseholders are expected to pay for making alterations to the property, such as adding a conservatory or replacing the bathroom.