TAKING THE PUSS We reveal the fatcat bosses living in the lap of luxury as they reap profits from leasehold scandal : Sun.

A FATCAT boss involved in the leasehold scandal lives in one of his company’s newbuild homes.

But he has avoided the rip-off ground rent fees that have ruined the lives of other homebuyers.

Ted Ayres, chief executive of property giant Bellway, bought his smart new home on a development in Kent, in December for £400,000.

But unlike the many Bellway homes sold over the past ten years, the property is freehold — meaning Ayres has full ownership of both his house and the land it is built on.

But 100,000 homeowners across the UK have not been so lucky.

Sun Money exposed how victims of the leasehold scandal are stuck in “unsellable” homes where a third party owns the land the houses are built on.

It means the homeowner must pay rising ground rents — which typically rise by inflation although some double every ten years — as well as costly fees for making any alterations, such as adding an extension.

The big names behind the scandal are developers Taylor Wimpey and Bellway, which have sold homes with tiny ground rent charges, only to sell the freeholds to greedy investment firms.

Homeowners say they had no idea of the clauses buried deep in the small print that allow rents to escalate.

And those who decide to buy their freehold have seen the cost shoot up by as much as ten times the original amount under the new owners.

Today, Sun Money looks at the luxury lives of the fatcat bosses who have made millions from the scam.

Read More : Sun.

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1 Comment

  1. Moral of the story…Don’t buy leasehold properties.

    If everyone refused to buy newbuilds unless they were freehold, the builders would have to change the tenure to freehold, if they want to sell their properties. People should make a big fuss about this, rather than just sign and moan about it later.

    Liked by 1 person

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