ABOLISH THE ARCHAIC PROPERTY LEASE SYSTEM
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A significant number of leasehold flats in the UK property market have relatively short leases having been issued initially with 99yrs.
It is extremely difficult to get a mortgage for those with 65yrs or less. Once the lease expires you no longer own it.
The system of renewing / extending the lease is not only complicated, difficult and complex but also extremely expensive, encompasses the employment of both a specialist solicitor and surveyor dealing with your side. And you also have to pay the costs incurred by your Freeholders solicitor: All of which you have to pay before you even get a price for the increase.
This instantly precludes some people from extending due to financial restraints. Fine for the wealthy.
A great many of the freeholds are sold to investment companies, pension systems and wealth land owners penalising leaseholders into financially supporting investors .
A number of young people have bought apartments /flats and are not aware of how financially detrimental it is once the lease reaches the critical age. This is a ticking time bomb as leases issue before 1984 come into effect of not being able to be mortgaged.
This will reduce a person's mobility or ability to improve. If you can't afford the process and have to remain in your 1 or 2 bedroom flat it may impede the number of children you can have. How is this fair.
Surely given a person buys a flat spends most of his life paying it off only to be held to ransom by some greedy freeholder/landlord who has already received full payment for the property, is not something you expect in the 21st century in a progressive futuristic country.
This archaic system is one which requires urgent revision along with some moral compass.
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