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/ 28 Feb 2020

Leasehold Housing Market Report

In light of the Competition & Market Authority’s recent summary report into the leasehold housing market (www.shorturl.at/qxCE4), it is clear more than ever that you should seek experienced legal advice when purchasing property.

The summary report highlights that many consumers were not informed of which “tenure” (Leasehold or Freehold) the property they were purchasing was or what the difference between leasehold and freehold property is. The report also highlights the modern practice for onerously increasing ground rents and the unreasonable permission and service charges collected by the landlords on leasehold properties. These are all issues that your conveyancer should report to you on prior to your purchase so that you are fully informed before you make your decision to proceed with the transaction or not.

At Hanne and Co we will always provide our clients with a detailed title report for you to consider in which we will clearly state whether the property is leasehold or freehold and (if applicable) what the terms of the lease are, including the ground rent and service charge provisions. When information is unclear or has not been provided we will raise enquiries of the seller and/or the landlord on your behalf and will explain any technical issues in plain English.

If you are thinking of buying a property or have recently bought a property and have concerns regarding the ground rent provisions, our Property and Property Litigation teams would be happy to assist. You can contact them on 020 7228 0017 or info@hanne.co.uk.

Leasehold Housing Market Report - Steve Bannell of Hanne & Co London - provides a summary

Steve Bannell is a Solicitor in Hanne & Co’s Property Team.

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