Over 40 property developers and freeholders have also signed a government-backed pledge to remedy some of the issues faced by existing leaseholders. The signatories include Taylor Wimpey, Bovis Homes, Barratt Homes, Persimmon, and Bellway amongst others.
The Government has stated that it will introduce a new statutory Code of Practice to ensure that Event Fees cannot be charged unexpectedly, should this be ignored, any fees breaching this will be unenforceable.
Transparency is also high on the Government’s agenda. Developers and estate agents will be required to make all fees fully transparent and fully communicated to potential buyers before purchase. This will allow prospective buyers make a fully informed decision prior to purchase.
NAEA Propertymark has long called for extensive reforms to the leasehold tenure. We supported the Law Commission in its quest for the introduction of codes of practice to require developers, operators and managing agents to bring Event Fees to the attention of prospective buyers.
What we are doing to help you
Guidance
Understanding leasehold
This guide provides Propertymark estate agents with best practice on helping people buy and sell leasehold property. Estate agents have a level of responsibility under the Consumer Protection Regulations to pass on all material information in respect of a lease.
Consultations
HCLG Committee Leasehold reform inquiry
The Government’s programme of work on residential leasehold reform must go further to help protect consumers.
Housing for older people
Communities and Local Government Committee inquiry — Housing for Older People
We responded to the House of Commons Communities and Local Government (CLG) inquiry, looking at the shortage of suitable housing for over 55’s in the UK.
Image attribution: "James Brokenshire Official MP Portrait" used under CC BY 3.0 / Cropped from original