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8_09_January_2018online

Government announces ban on new leasehold houses The Government will ban leaseholds for almost all new build houses and it is also set to ensure that ground rents on new long leases in England are set to zero, for both houses and flats, as well as making it easier and cheaper for leaseholders to buy out their freehold. It made the announcement after receiving an “overwhelming response” to its consultation into the leasehold system. This came about after the scandal of “doubling” ground rents emerged, in which the sum payable to the freeholder doubles every 10 or 25 years, rendering them unsellable, with lenders such as Nationwide refusing mortgages for them. The move to ban leaseholds will not retrospectively affect the current 1.4m houses which currently have such contracts. The ban on new build leasehold houses will also not apply in some situations, the Government said, such as when they have shared services or are built on land with certain restrictions. A spokesman at the Housebuilders Federation said: “While proposals should have little impact on mainstream house builders, we need to ensure that for specialist providers – such as the retirement housing sector – they are sensible and don’t threaten viability and as a result, supply.” Ending leasehold houses and setting new ground rents to zero are excellent first steps to stopping developers from turning www.andrewnunnassociates.co.uk 2018 property plans Should you have any property plans for 2018, whether it be selling, buying or renting then it is never too early to take advice. At Andrew Nunn Associates we have total understanding of your local market and would be delighted to offer you well balanced, proactive advice. Call today on 020 8995 1500 for sales or 020 8995 1600 for lettings. ordinary people’s homes into highly complex investment vehicles for anonymous investors, often based offshore. New Year New Associate We are delighted to welcome Luke Walsby to our team at Andrew Nunn Associates. Luke has a wealth of experience in the Chiswick market, both in sales and lettings, and as a local resident has a complete understanding of the area. Andrew comments “Luke’s market knowledge and in depth experience will undoubtedly strengthen our sales team and I look forward to working closely with him” Luke can be contacted on 020 8995 1500 or luke@andrewnunnasociates.co.uk


8_09_January_2018online
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