Latest News

MHCLG guidance on buying and selling homes during COVID-19

27 March 2020

The Ministry of Housing, Communities and Local Government (MHCLG) has issued guidance on buying and selling homes during the stay-at-home period. Read More...

Self-employed to receive 80% supplement by June

26 March 2020

Chancellor Rishi Sunak this evening announced a new self-employed income support scheme, comprising a taxable grant worth 80% of their average profit over the last three years. The scheme will be open for three months and will be extended if needed. Read More...

Leaseholders call for Government help with cladding security costs

26 March 2020

Leaseholders in buildings cladded with flammable materials have called for support with the cost of interim safety measures during the Coronavirus crisis. Read More...

Home buyers can move if unavoidable

25 March 2020

In the latest guidance from the Government, home buyers should, as far as possible, delay moving to a new property whilst emergency measures are in place to fight Coronavirus. Read More...

Competition watchdog plans action against mis-sold leasehold homes

Friday 28 February 2020

The Competition and Markets Authority (CMA) has announced it has found evidence of mis-selling of leasehold homes and it will launch enforcement action.

Home owners are being forced to pay escalating ground rents; misled about the cost of converting their leaseholds to freehold; not being told upfront that a home is leasehold; charged ‘excessive and disproportionate fees’ for costs such as maintenance to common parts, or for making home improvements. 

Propertymark welcomes the CMA’s move to launch enforcement action, having long campaigned on issues around the sale of leasehold properties.

Quote mark

We have long called for action to be taken to help leaseholders who have been misled and treated unfairly.

For too long, house builders and developers have not been transparent enough about what it actually means to buy a leasehold, which in turn has meant many owners have been faced with escalating ground rents and unreasonable fees, leading them into financial difficulty.

Our research shows three in five (62 per cent) leaseholders feel they were mis-sold and therefore it’s vital enforcement action takes place as soon as possible to give some hope to those who are currently trapped with no easy route out.

Mark Hayward

Mark Hayward
NAEA Propertymark Chief Executive

 

The CMA’s enforcement action could include forcing firms to sign legal promises to change their business practices, as it works with the Government on changing leasehold law.

ADDRESSING LEASEHOLD ISSUES

The CMA’s announcement follows the Government’s commitment to establishing a New Homes Ombudsman, with legislation expected.

New Homes Ombudsman  

LEASEHOLD: A LIFE SENTENCE

Propertymark has campaigned on issues surrounding leasehold sales, calling for the government to change the laws surrounding leasehold and establish a New Homes Ombudsman.

Leasehold