NEETs, this is what awaits when you finally get a job and manage to get a foot on the first rung of the property ladder: financial servitude through leasehold.
Odd there is so little political uproar about a corrupt rentier scheme that has trapped and exploited a generation.
Escalating and uncontrollable service charges are trapping a generation of flat buyers. Who in their right mind will sign up to £8k p.a s-chg for 500 sq ft of space (1 bed) or 10k plus for 650 sq ft of space. (2 bed) Leaseholders at @ballymore High Point Village are trapped 👇🏼
Whenever I see any Interview clip of Smita Prakash, am always reminded of her interview with Kapil Sibal. Watch it if u like watching a Train Wreck in Slow Motion
@mtpennycook the sooner leasehold is scrapped the faster the economy will revive. Flat purchases support a whole building industry. Why is this so hard to do? Ridiculous that building rights sit with freeholders and building repairs and cladding costs to leaseholders.
@JoshFerme Nope. Buyers do not want to become financial slaves to freeholders and managing agents.
Leasehold is a scam and no price falls will entice most sane people to go for a flat.
"This isn’t just a London problem — it’s a NATIONAL SCANDAL. Leasehold is now bringing the wider housing market to a standstill. We have been warning government for almost a decade that this would happen"
#trapped#LeaseholdScandal
https://t.co/IUl36Oaxst
The purchase of a leasehold flat is NOT a property purchase. It’s buying a right to occupy subject to fees and charges which can be unlimited and which occupiers have very little ability to challenge.
This will end very badly for Labour.
People are being looted in a leasehold
system that leaves them unable to sell their own homes.
Labour promised to end it.
Now, because of Big Money lobbying, it refuses to.
Voters will punish them for that.
Service charges are killing flats and spreading negative equity.
Buyers boycotting leasehold as a result.
Yet the managing agents’ trade body refuses to talk about finding efficiencies, or about the commissions, related-party deals and percentage-based fees that inflate costs.
Serious Question: Why are leaseholders being asked to underwrite the cost of structural repairs to ANY building when they do not own a single brick in it? https://t.co/Xa0mTqtSZ2
BREAKING: Starmer accuses Elon Musk of 'trying to whip up division in the UK' following the murder of Henry Nowak.
Read more: https://t.co/w6joK96a9j
📺 Sky 501
"Average service charges have increased 43 per cent since 2020 for buildings with simple amenities such as lifts and cleaners, but developments with luxury perks, such as swimming pools and gyms, have seen their annual charges rise by 89 per cent"
This is for government to fix