Wednesday 28 March 2018
Thousands of young homebuyers remain trapped in virtually brand-new homes made unsaleable by spiraling ground rents and abandoned by developers such as Taylor Wimpey, despite a ban on the charges promised by the government.
Guardian Money can also reveal that the £5bn John Lewis pension fund is behind the soaring rents that have made the lives of some homeowners a misery.
Many banks now flatly refuse to lend against properties with these doubling leases, making them effectively unsaleable. Thousands of hardworking, innocent people are being exploited due to greed with, at present, no solution or end in sight.”
In December, the government promised it will “make it cheaper and easier for existing leaseholders to buy out their freehold and there will be better information available about redress for those consumers who face the most onerous terms.”
4 year lawful development rule could end in April 2023
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