Ban unfair ground rent clauses from leasehold agreements

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Ban unfair ground rent clauses from leasehold agreements

Petition Details

Developers selling new properties can no longer have unfair ground rent clauses in leases (eg where the ground rent can double every 10 years). This needs to be expanded so all leasehold properties built after 2000 cannot have such unfair ground rent clauses.

Additional Information

Doubling ground rents significantly reduce the property's market value. They can make the property unsellable because mortgage lenders are reluctant to approve mortgages and buyers are put off because the scheduled increases can become prohibitive. For current owners, making the increasing annual payments is challenging, leaving them at risk of default and losing their property because they broke the terms of the lease. This will become more of a problem in the current cost of living crisis.

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