Rayner says watchdog will rein in 'cowboy' leasehold property agents
Summary
Angela Rayner, the UK’s housing secretary, announced plans to protect leaseholders from unfair fees and bad property agents through new rules. The government will create an independent watchdog to regulate property agents and limit the extra costs leaseholders pay to landlords.Key Facts
- The government will set up an independent regulator to oversee property agents dealing with leasehold properties.
- Property agents will need licenses and must follow codes of conduct; bad actors can lose their licenses.
- New laws will cap permission and administration fees that leaseholders pay to landlords for changes to their homes.
- About five million leaseholders in England and Wales can currently face high fees for simple changes, like owning pets or changing doors.
- The government will hold a public consultation to decide on fair fee caps.
- A previously planned cap of £250 on yearly ground rents is expected to start by late 2028 but may be introduced sooner.
- The housing secretary aims to eventually remove ground rents altogether.
- Other housing policies include support for first-time buyers with low deposits and stronger rules to use empty homes for council housing.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
