Latest News

Are you doing everything in your power to push transactions through?

19 February 2019

NAEA Propertymark has been leading an industry group of agents, conveyancers and other stakeholders in recent months, looking at the house buying and selling process and considering barriers that could be removed and improvements that could be made. Read More...

The 2019 NAEA Propertymark National Conference – eye opening and inspirational

15 February 2019

A fantastic event, filled with insight, inspiration, and some rather questionable hats, thanks to one of our animated keynote speakers. Among the informative statistics, eye-opening case studies and weirdly wonderful anecdotes, there was a serious message around anti-money laundering and cartels behaviour, but ultimately the programme was aimed at inspiring everyone to be the best they can be. Read More...

New promotional items for valuation visits

14 February 2019

If you've not logged into the online shop in a while, now is the time. We've got a whole host of products designed to help you, including some new ones. Read More...

 

Housing Minister signals the end to poor leasehold practices

Monday 15 October 2018

Yesterday, James Brokenshire announced Government plan to consult on improving the leasehold sector, and bring an end to poor leasehold practices for homebuyers once and for all.

The consultation, which launched today, proposes the majority of new houses be sold as freehold, with annual ground rents on new-build leasehold properties to be capped at just £10 – ending unscrupulous practice of unnecessary and escalating charges.

If adopted, the cap will significantly cut costs for leasehold homeowners, who currently pay an average of £300 a year, with some paying as much as £700, according to the Ministry of Housing, Communities and Local Government.

In addition, landlords will be required to provide contact information of eligible leaseholders to the secretary of the residents’ association within four months of the request, providing that leaseholders have expressly consented to their details being shared.

The Government says the move will help leaseholders act together to represent common interests and raise complaints with their landlords and agents for things such as service charges and management practices.

James Brokenshire MP, Secretary of State for Communities, said: “The Government is committed to making the economy work for everyone by helping people with the cost of living. Unfair ground rents can turn a homeowner’s dream into a nightmare by hitting them in the back pocket, and making their property harder to sell. That’s why I’m taking concrete action to protect homeowners and end those unscrupulous leasehold practices that can cost tenants hundreds of pounds.”

Commenting on the announcement, NAEA Propertymark Chief Executive, Mark Hayward, said: “Thousands of homeowners across the country are facing escalating ground rents, charges for making alterations to their properties and unable to sell their home. Therefore, it’s only right the Government looks to crackdown on unfair leasehold practices to stop even more people feeling trapped in homes they cannot afford to continue living in.

“Our recent Leasehold: A Life Sentence? report found almost half (45 per cent) of leasehold house owners didn’t know they were only buying the lease until it was too late, two thirds (62 per cent) feel they were mis-sold and the vast majority (94 per cent) regret buying a leasehold. This shows that for too long, housebuilders and developers have not been transparent enough about what it actually means to buy a leasehold property.

“However, this announcement is only good news for those looking to buy a leasehold property in the future. With 4.2 million leasehold properties in England, many will remain stuck in their lease with no straight forward way out and the industry needs to help them.”

The consultation will run for six weeks, and is open to all, including leaseholders, freeholders, landlords, solicitors, conveyancers, management companies, developers, local authorities, estate agents, investors and lenders.

Respond to the consultation