Builders are to be banned by the government from selling
houses as leasehold in England and ground rents on flats could be cut to zero
following widespread outrage over exploitative contracts. In a blow for major
housebuilders the communities secretary, Sajid Javid, will set out plans to
“ban new-build houses being sold as leasehold as well as restricting ground
rents to as low as zero”. Flats can be continued to be sold as leasehold, but
ground rents will be restricted to a “peppercorn” level and therefore be of
little financial value to speculative buyers. The ban is expected to come into
force after an eight-week consultation period. Read more on the Guardian
website.
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