The National Trading Standards Estate Agency Team (NTSEAT) has published a guide for consumers seeking redress for leasehold issues.
These could include being mis-sold a leasehold property – for example, not being told that ground rents double every few years,
A recent survey by Propertymark found that 57% of leasehold house owners didn’t understand what being a leaseholder meant until they had already purchased the property, and 62% believe they were mis-sold.
Almost half (48%) were unaware of the escalating ground rent.
The new guidance contains a list of important definitions which are commonly found when purchasing a leasehold property.
The guidance also explains what leasehold is and how it works, as well as giving examples of common issues.
It also gives consumers information as to where to turn should they need to make a complaint.
The guide is on the NTSEAT website.
Comments (3)
SO – have I got this right…?
How to deal with “mis-selling” practices is apparently NOT to put strict methods in place to ensure that potential buyers of Leasehold properties have full access to all information and guidance necessary to make an informed decision BEFORE entering into a binding agreement – but to squirrel away some relevant information in a dark corner that no-one would reasonably think to look for it…
…then continue to get those affected people to complain afterwards.
Is that it?
You couldn’t bl00dy make it up.
First line of the document:
“This guide is aimed at anyone who has purchased a leasehold property.”
I rest my chuffin’ case.
From the National Trading Standards website:
“This is the latest step taken by NTSEAT to help protect home buyers from confusing and complicated leasehold charges.”
SERIOUSLY??