The government is not going to do anything to help 100,000 leaseholders trapped in unsellable properties with onerous ground rents.
It said today:
“A lease is a form of contract – and once a contract has been signed, the Government has few options on how to intervene. This is because it would have implications for private property rights.
“But, we take this matter very seriously. A number of developers have already introduced schemes to assist people, but these must go further and faster.
“We are keeping a close eye on progress and will keep under review the full range of measures that could be pursued where further action is necessary.
“We also want to see support extended to second hand buyers where appropriate, and for all leaseholders to be proactively contacted where compensation may be due.
“We are working with the Law Commission to support existing leaseholders – including making buying a freehold or extending a lease easier, faster, fairer and cheaper.”