Industry pledge starts process of ending unfair leaseholds and fees

More than 40 leading property developers and freeholders in the UK have signed a new Government-backed pledge to crack down on toxic leasehold deals and help existing owners who have onerous deals. They include Taylor Wimpey and Barratt Homes in a move that is designed to close the legal loopholes that force leaseholders to pay unjustified legal fees along with reforms to make retirement property fees more transparent. It should mean an end to what is known as ‘doubling clauses’ that can result in ground rents soaring exponentially over a short period of time and the freeholders who have signed have committed to changing the terms of leases for those who are affected.