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You are here: Home / Latest News / LKP persuades government to allow commonhold tenure on Help To Buy

LKP persuades government to allow commonhold tenure on Help To Buy

January 18, 2019 //  by Sebastian O'Kelly

Stewart Moxon, of Hopton Build in Huddersfield, can now build and sell his flats commonhold, knowing that they will be eligible for Help To Buy

The government has back-tracked on the bar on Help To Buy for commonhold properties and will now allow purchases of this form of tenure, which prevails in the world outside England and Wales.

For God’s sake! Now it emerges £8.3 billion Help To Buy scheme – that turned house builder executives into multi-millionaires – is not available on commonhold properties!

The news will come as a pleasant surprise for small house builder (and former leaseholder) Stewart Moxon, of Hopton Build.

He trying to selling five two-bedroom apartments at Liversedge, near Huddersfield, as commonhold units rather than leasehold, which he regards as a widely abused form of residential tenure.

But in November was told by the Government’s Help To Buy team, which has doled out £8.3 billion, with more to come – that commonhold properties were ineligible under scheme.

Well, now they are.

Homes England told LKP:

“There are some areas of commonhold such as service charges and insolvency that are unclear and carry financial risks, but these may be resolved in the Law Commission’s commonhold review.

“In the meantime, we will update our solicitor forms to include a legal undertaking requirement to explain the clauses and impact of any commonhold tenure, and for borrowers to declare that they understand the terms of the tenure.”

Related posts:

‘The time is right for commonhold,’ announces Law Commission. (Pity the government doesn’t agree …) For God’s sake! Now it emerges £8.3 billion Help To Buy scheme – that turned house builder executives into multi-millionaires – is not available on commonhold properties! Commonhold is back! House builder offers flats without leasehold tenancies Default ThumbnailBaroness Gardner urges government to back commonhold Housebuilders WILL benefit from commonhold, Hopton Build developer tells Law Commission

Category: Commonhold, Latest News, NewsTag: Commonhold, Help To Buy, Hopton Build, Stewart Moxon

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Previous Post: « Tchenguiz group says profiting from Grenfell cladding scandal would be ‘abhorrent’ and won’t happen
Next Post: Grenfell cladding leaseholders despair of government doing anything .. »

Reader Interactions

Comments

  1. Jo Darbyshire

    January 18, 2019 at 7:00 pm

    Great news. Well done LKP!

  2. Chris

    January 18, 2019 at 7:28 pm

    Well done LKP! Getting there!

  3. Michael Epstein

    January 18, 2019 at 8:54 pm

    The Dam has burst. Well done LKP.
    One less reason to sell on a leasehold basis.

  4. Denise Clark

    January 18, 2019 at 11:00 pm

    How brilliant! Well done LKP! What great news this is and a massive step forward to abolishion of leasehold tenure!

  5. Stewart Moxon

    January 19, 2019 at 10:05 pm

    Brilliant! Thank you. We are indebted to you for bringing this to the government’s attention and driving it through to conclusion. Probably too late for the current Hopton Build commonhold development but a great asset for the future of commonhold and another nail in the coffin for leasehold.

    • chas Willis

      January 19, 2019 at 11:07 pm

      Well done LKP is this the beginning of the end or just the end of the beginning???

      • admin

        January 21, 2019 at 9:44 am

        It was more oversight than conspiracy, and so is a relatively small matter, but welcome.

  6. chas Willis

    January 21, 2019 at 1:56 pm

    Was it more oversight than conspiracy, and a relatively small matter, I don’t think so.

    The government has for many years used this excuse, it has become a standard excuse, and they say then “We Will Learn From This” but they don’t?

    With so much coverage around Leasehold Reform and the changing of Housing Personal when one seems to help, oversights should be avoided as they happen so often, it could be a conspiracy???

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