To remedy unfair ground rent clauses on leasehold on flats/apartments.
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Please remedy the thousands of peoples leases that enable the freeholder to increase the ground rent (including and not exclusively, terms that double it, every ten/fifteen years, or by RPI) . The ground rent is meant to be a payment to link the freeholder with the leaseholder and not a profit/investment making tool (that is why when extending the lease it gets reduced to a peppercorn rent). The freeholds have never been offered to the leaseholders as they have been sold on by the builder who had a contract before even the first flat/apartment has been sold.
Builders, including Taylor Wimpey, inserted clauses into the leases of thousands of flats and apartments that mean that hard working people who will pay their mortgage have ended up with an unsaleable, unmortgageable leasehold flat/apartment and not only that find that ground rent has increased to such a level that they cannot afford it and will not be able to move or remortgage and end up having to hand the keys to the freeholder or try to find thousands of pounds (an equation that is so complex that even experts in the field cannot calculate how much the cost should be to increase the lease and reduce the ground rent to a peppercorn rent but instead is a battle between the freeholder and the leasehold to reach an agreement - with the leaseholder having to pay the legal fees for both the freeholder and themselves).
Taylor Wimpey even included clauses that enable the freeholder to double the ground rent every ten years. This means that when you bought the property in say 2007 you pay a reasonable £250 a year for ten years but when we get to 2077 this reaches £16,000 per year (payable in advance with no instalment option) - what with the way the State Pension is going and occupational pensions/incomes nobody will be a position to be able to pay these amounts. The freeholds have been sold onto offshore companies and who use them as an investment.
Bring an end to this and ensure that existing leases are remedied or if please set up a fund for effected leaseholders who will need to be supported by the State to be homed and to afford to live. Owning your own place should be a something you feel is worth it and you work hard for!
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