Ground rents will be scrapped for millions with a new right to extend leases to 990 years. It was time to end ‘high, escalating and onerous’ ground rents, excessive service charges and profiteering by developers, the report said. There will be a simple formula where the amount attributed to ground rents in the calculation will be capped. Many find their homes are almost unsellable because some lenders won’t grant mortgages against homes with excessive ground rent clauses. We will be legislating to bring these about, first fulfilling our commitment to abolish ground rents this year and then taking forward widespread reform.

Source: Daily Mail January 07, 2021 00:02 UTC