There has been a sharp rise in negligence claims against property solicitors as the issue of leasehold ground rents is coming further into focus.
Many purchasers of leasehold properties are claiming for professional negligence compensation due to ground rent charges they were never told about. This follows a spate of publicity about new-build homes with ground charges that double after a certain timeframe.
Some banks and building societies are refusing to lend on these types of leases, essentially making many ‘unsaleable’.
100,000 UK homes
Economists for the Institute of Directors estimates that 100,000 UK homes have been sold under this type of ownership.
Thousands of homebuyers have now found themselves trapped in spiralling ground rent contracts, with many seeing their annual amount to pay to the freeholder doubling every 10 years.
In one shocking case, The Guardian reported on the case of a first-time buyer whose ground rent had already risen to £8,000 a year and, in theory, would keep doubling so that in 95 years’ time would reach £8m a year.
These cases are becoming more and more common as many homebuyers are realising that they are trapped by the leasehold system due to receiving insufficient advice (or none at all) on ground rent contracts from their solicitor.
If this has happened to you or a loved one, there are dedicated professional negligence experts who can help.
At The Specter Partnership, our legal team have over 25 years’ experience in winning compensation for clients who have received negligent advice from their solicitors or advisers.
Speak to us today for a free consultation about making a claim for professional negligence, and let us get you the compensation you deserve.
Call 0800 019 3460, or email email@example.com, a member of a friendly legal team will be happy to help.