We are thrilled to hear that the government watch dog, the Competition and Markets Authority, are taking action against a sample of the national volume housebuilders over mis-selling leasehold houses. This action vindicates the work of the National Leasehold Campaign and the Leasehold Knowledge Partnership in lobbying for change and highlighting the issues for home buyers of new build leasehold houses.
You can read what the CMA have to say about their investigation here and it is clear that they are still focussing on leasehold selling practices.
This is however good news for HorNets, as they have undertaken to look at fleecehold pending the outcome of the leasehold enquiry.
What are HorNets doing about it?
We submitted evidence to the parliamentary select committee on leasehold reform in 2017, which surprisingly was accepted, but disappointingly not included in their issues for the CMA to investigate.
We have written to the CMA on a number of occasions about fleecehold pointing out not only the mis-selling, but the anti-competitive nature of the management arrangements on many developments. We believe that they know there are issues and we are optimistic that they will pick up on them – our only concern is timescales, as estate residents are being exploited right now, with further unfairness in some cases during the pandemic.
We intend to write again and ask about timescales and consider what other avenues may be open to us now that action is being taken against some of the big names.