In Focus Consumer Credit
Consumer protection It is worth noting that under the Consumer Protection from Unfair Trading Regulations, anyone marketing the property would be subject to criminal action if they had not made the buyer aware of the lease and the fact that the property was not exempt from the rules, at the point of marketing. Our response offers, what we believe,
are a number of practical solutions to government which will ensure the new measures work, and that where – in the future – houses are sold as leasehold, without the required exemption, purchasers can get the tenure changed without cost to them.
Criminal action Also, we are keen to ensure the necessary criminal action is taken against those who mislead purchasers and do not provide the upfront information required in order for the purchaser to make an informed decision.
At the same time, it is absolutely vital that
Lease Administrators, for example, provide the information needed in a timely manner and at a fair cost – areas which have both been abused in the past. We want all our members, their colleagues
and contacts, and all stakeholders and interested parties, to provide feedback to the ministry because it is through this information – delivered by those who see the impact of the current leasehold situation
on a daily basis – that we will get a system that is truly fit for purpose. In the past, consultations have only
received a handful of responses but this cannot be the case on Leasehold Reform because, by taking five minutes now to inform the process, we will be saving everyone in the leasehold process many hours of frustration and cost in the future.
We are keen to ensure the necessary criminal action is taken against those who mislead purchasers and do not provide the upfront information required
Conclusion This is a pivotal moment for our industry. We, at the Conveyancing Association, our members and many other industry colleagues, plus of course those impacted by the problems associated with leasehold, have all worked very hard to bring this issue to the attention of the policy makers. It is imperative that we make our voice
heard again, and we must not lose the chance of positive change by allowing those with a commercial interest to make the loudest representations. CCR
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December 2018
www.CCRMagazine.com
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