8 out of 10 buyers of Leasehold homes think they own the property!
In reality they buy a tenancy agreement. The buyer becomes a long term tenant – owning a leasehold contract with liabilities for many overheads and costs, generating profit for the landlord freeholder who retains ownership. More
Does a “For Sale” sale board externally advertising a property adequately describe it’s a lease contract for sale? NO
Is it be likely to deceive the average consumer? YES
Wouldn’t “Lease For Sale” on sale boards and introductory adverts, as used for commercial property, better meet the Consumer Protection from Unfair Trading Regulations.
Shouldn’t the Lease, its length, contractual costs and liabilities also be included in all published property details? It seems the Trading Standards and even Property Ombudsman agrees, but why does nobody do anything about it!