A conveyancing trade body is stepping up efforts to highlight concerns over leasehold properties with fresh guidance for consumers.
The Conveyancing Association, which has long called for leasehold legislation to be reformed, has designed a guide to administration fees for prospective leaseholders, property owners and those looking to sell.
Beth Rudolf, the association’s director of delivery, said: ‘Part of the major problem we see with the fees associated with purchasing, selling or owning a leasehold property is that many consumers simply have no idea about the potential charges involved and how they might escalate over time.’
More than four million homes in England are leasehold, as were nearly half of all new-build registrations in England and Wales last year.
Support for leasehold reform gathered momentum in December last year, when housing and planning minister Gavin Barwell told MPs that he was keen to explore how the government can work with interested parties to improve leaseholders’ experience of home ownership.
Leasehold reform is one of eight ‘work streams’ that the association has identified as part of a strategic plan published last week.
The list also includes e-home reports, ‘providing a comprehensive collection of information upfront prior to the property being marketed’.