Three in five leasehold homeowners believe they were mis-sold

62% of those who have bought a leasehold house feel that they were mis-sold, according to research we conducted on behalf of NAEA (National Association of Estate Agents) Propertymark.

Amidst growing public outrage and government legislation to reduce the practice of leasehold contracts, the research showed that more than nine in ten (94%) wished they hadn’t bought a leasehold. Those on leasehold contracts often witness increasing ground rent and large charges imposed by the freeholders to make changes to their homes.

The ground rent paid on leaseholds tend to increase in a short space of time, with the average price of rent increasing from £277 per year at the time when the leasehold was first purchased to £319 at the moment, when the majority have only been living in their homes for three or four years. £1,422 was the average price charged for leaseholders to be able to install double glazing and £887 to be able to fit new kitchen units.

Read more about the research here.