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We feel like prisoners in our own home

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High charges have left young homebuyers trapped – and the John Lewis pension fund has been accused of playing a role.

Thousands of young homebuyers remain trapped in virtually brand-new homes made unsaleable by spiralling ground rents and abandoned by developers such as Taylor Wimpey, despite a ban on the charges promised by the government. £5bn John Lewis pension fund is behind the soaring rents that have made the lives of some homeowners a misery. The freeholds on the estate where the Stewarts live were sold by Taylor Wimpey to a group called Fairthatch GR Ltd, but documents at Companies House name the John Lewis Partnership Pension Trust as entitled to receive all the ground rents paid by homebuyers.

Many banks now flatly refuse to lend against properties with these doubling leases, making them effectively unsaleable. “We feel like we’re now prisoners in our own home. We’re also about £2,500 out of pocket after the sale fell through,” says Stewart.

Money has previously highlighted the offshore vehicles, tycoons and aristocrats that have snapped up freeholds across Britain to extract high ground rents.

Guardian

It has been discussed here before. But who is to be blamed for this?

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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