Redrow comments on Leasehold
Matt Grayson, spokesperson for Redrow, said: “Along with the rest of the house building industry, we’re currently engaging with Government on leasehold and new build houses, as part of its Housing White Paper, which was issued in early February 2017. That consultation is ongoing and we’re playing an active role in the discussions.
“We sell new houses on a leasehold basis in pockets of the country where it is common-place and not unusual for land to be acquired on leasehold in the first place. The process is talked through with purchasers and we always encourage customers to seek the advice of independently-regulated financial and legal advisers to act in their interests.
“In our leases, any third-party acquirers of freeholds are bound by standard ground rent review clauses, which generally allow a review every ten years and only in-accordance with RPI.
“Customers in general have a right to acquire the freehold after two years at prevailing market rates and are protected by the Leasehold Reform legislation, which makes provision for the price to be determined by the First-tier Tribunal (Property Chamber) in the event it cannot be agreed by negotiation.”
If customers have any leasehold queries relating to a particular development, they should contact the relevant on-site sales consultant.