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Leasehold Properties Could Cost British Home Buyers Dearly

The leasehold system in England and Wales has left millions of British home buyers facing inflated bills, with landlords in line to make billions from lease extensions across the UK, according to a new report.

The number of leasehold properties sold to British home buyers has increased exponentially over the last two decades. In 1996, just 22% of new builds in the UK were sold to British home buyers as leasehold. Today, the number of UK-wide leasehold new build properties has climbed to 43%. In London, 90% of new build properties sold are now leasehold.

With more than 8 years' experience almost a decade of experience, Springbok Properties has comprehensive understanding of the UK property sector. It is this understanding of the UK property sector that enables us to value your home at a price that will appeal to serious buyers, and sell fast. To find out more about how we can help you sell your home quickly, call us TODAY on: 0800 068 4015.

 

Leasehold Property Statistics

Of the 5 million leasehold properties bought by British home buyers, only 1.5 million are owner-occupied. However, legally these properties are owned by their freeholder. In 2014, 64% of properties were owned by British home buyers. This includes leasehold homeowners who are not, at least in the eyes of the law, the legal property owners. Once you subtract leasehold British home buyers, the percentage of home ownership decreases to 59%.

As many as 40% of leaseholders are unaware of the length of time remaining on the lease. Of those British home buyers that are aware of the length of time on their lease, almost a quarter (or 370,000 homes) has less than 80 years left to run. The cost of extending these leases is estimated to be £4 billion.

Most British home buyers that have purchased leasehold properties have bought apartments. However, property developers have sold an increasing number of newly-built houses to British home buyers as leasehold - something that was unheard of twenty years ago.

Springbok Properties has sold over 1800 properties in under 10 days. Whether you're relocating abroad or have a property in probate that you wish to sell quickly at NO UPFRONT COSTS, we can help. Call us TODAY on: 0800 068 4015 to find out more.

The Rising Cost of Leasehold Properties

British home buyers who have purchased apartments or houses have found themselves facing ground rent costs that have increased dramatically over the last decade. In many cases, the ground rent costs have doubled in just 10 years.

It has not been uncommon for British home buyers of leasehold properties to find themselves owning properties that have plummeted in value because of ground rent clauses. British home buyers concerned with how ground rent affects the value of a property, or who have any questions about their leasehold property, can find the answers they're looking for here.

An obvious solution to this issue is for property developers to switch to building commonhold properties. This system of property ownership is based on shared-ownership for an indefinite period, with the property owners responsible for all services and common areas.

Commonhold property ownership is, however, not favoured by property developers. The thought of giving British home buyers ownership of individual units or properties makes bad business sense to developers who can charge ground rent and administration fees to British home buyers before sell the property freehold at a premium to investors in the future.

Springbok Properties sells 230 homes across the UK every month. Our innovative and proactive approach to online property marketing guarantees homeowners a quick sale of their property, 100% hassle-free and at NO UPFRONT COSTS. Call Springbok Properties TODAY on: 0800 068 4015 to find out more.

What the Government Says

In February 2017, Communities Secretary, Sajid Javid made a promise to British home buyers to end the unfair practicewhereby homeowners becomeunable to sell leasehold properties with unfair costs, including ground rent.

A report highlighted the difficulties leasehold British home buyers faced. The exact terms and conditions of the lease are often hidden to homeowners, and they are also unprotected from terms that include huge rises in ground rent.

Labour's housing spokesman John Healey said that the report highlights the difficulties faced by leasehold British home buyers. He argued that a Labour government would stop developers building leasehold properties in new housing developments and educate first-time British home buyers of the full conditions of buying a leasehold property.

Many leading authorities in the property sector have condemned leasehold properties and championed mandatory commonhold tenure for all newly-built apartments. Any extension to existing leases should be 250 years without exception.

Springbok Properties aims to provide a helpful and transparent service to British home buyers. If you'd like to learn more about leasehold or freehold properties, or need to sell your house quick, call us TODAY on: 0800 068 4015.

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