The National Leasehold Campaign (NLC) has expressed its disappointment upon hearing the news that the government might scale back its efforts for leasehold reform. This concern follows a report in the Sunday Times which suggested the potential reform could reduce the value of pension funds by up to £40 billion.
Last night, a spokesperson from the NLC voiced frustration regarding rumours that the Treasury and the Prime Minister had been influenced by industry lobbyists who seem indifferent to the struggles of countless leaseholders. The spokesperson criticized the lobbyists for ignoring how much anguish the leasehold system causes to many and for their role in creating unethical ground rent practices.
The spokesperson insisted that they believe rectifying the issue of ground rents retrospectively would not significantly harm pension schemes. Furthermore, they suggested that pension funds which have invested in ground rents should reconsider, stating that no ethically-minded, responsible company would support such investments if they were aware of the suffering these ground rents cause.
With an election on the horizon, the NLC thinks it would be a significant mistake for the government to renege on their electoral promise—a promise that, if fulfilled, would assist thousands of leaseholders.
A headline embedded in the article also points to the allegations that the Conservative party has scrapped their pledge to abolish ground rents, with more information available via a linked iframe from Property Industry Eye.
For more information on the story, visit Property Industry Eye.
