Hope given to thousands trapped in leasehold homes as housebuilders threatened with court action
LEASEHOLD homeowners have been given fresh hope for compensation as four housebuilders have today been threatened with court action.
The CMA told The Sun it's likely that more than 10,000 people have been affected by some of the issues, but housing minister Heather Wheeler has suggested previously that the figure could be as high as 100,000.The regulator said buyers may have been misled by developers, and been trapped into leaseholds with rip-off ground rents that double every decade.
Others were being misled about the cost of converting their leasehold to freehold ownership, with the cost increasing from a "small sum" to thousands of pounds with little to no warning. According to the government, around 4.3million homes - both flats and newbuilds - in England are leasehold. All four housebuilders told The Sun they are cooperating with the regulator while it completes its investigation.
"Everyone involved in selling leasehold homes should take note: if our investigation demonstrates that there has been mis-selling or unfair contract terms, these will not be tolerated."
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