A six-week consultation, covering England and Wales, has been launched by Housing Secretary Michael Gove.
Proposals to slash ground rents and save some homeowners in England and Wales thousands of pounds over the term of their lease are being consulted on by the Government
The consultation outlined how ground rents have historically been of a low or nominal value but have “now become something more than just a token amount and have instead evolved to be a means for a freeholder to continue to charge rent from a leaseholder throughout the term of a lease, regardless of the amount paid to buy the property”.
There can also be significant problems when people are re-mortgaging or looking to sell up. Mortgage lenders consider ground rent as part of the affordability assessment. “Some leaseholders must pay an additional charge to their freeholder for the collection of the ground rent, in addition to the ground rent itself.
Forming part of the Leasehold and Freehold Bill in this week’s King’s Speech, the Department for Levelling Up, Housing and Communities will consult on five options for how the Government could intervene to cap the ground rent leaseholders have to pay.
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