Over the past few years, there has been an increasing number of housing developers selling new-build houses on a leasehold, rather than freehold, basis.
Many of these leasehold houses were sold as part of the government’s help-to-buy scheme and were attractive to first-time buyers.
Unfortunately some developers have been including excessive ground rents which increase over time with some as high as doubling every 10 years. Because of the increasing ground rent buying the freehold may be expensive.
Problems increase when it turns out that the freehold has been sold on to an investor, who is getting a great return on the doubling ground rent clauses.
Try to sell and you may find that mortgage providers are also refusing to lend to prospective buyers.
Chances are you probably used the Solicitor recommended by the developer who may have had a financial relationship with the developer. Your conveyancing solicitor should have warned you about the financial implications of the ground rent terms when advising you about buying your home, but, they didn't.
If they failed to advise you or your lender about either the terms of your property’s lease or freehold during the conveyancing process, they may have caused you to experience considerable financial loss. This is an example of professional negligence.
Corvus Legal Support are committed to helping anyone has has been mis-sold a lease to get justice. Give Corvus a call on 0330 330 9728 today for a free, no-obligation consultation.