New rules are coming into force later this year for anyone looking to buy a home in England and Wales. Under a new government law, future homebuyers are set to be freed from paying expensive ground rent bills, which will help to reduce some of the costs that come with buying a home.
Landlords will be banned from charging ground rent on most new residential leases from June 30 as part of the government's reform package pledged to create a fairer housing system and level up opportunities for more people.
They say it will 'make home ownership more for the next generation of homebuyers'. The ban will put an end to increasing annual ground rent costs which will reduce prospective property bills for any homebuyers purchasing a home later this year. READ MORE: UK average house price hits new record high of £360,000 as homes are selling quicker than ever The government says it is taking action to rid future homeowners of annual charges known as ground rent, which can often cost hundreds of pounds a year.
These charges provide no clear service in return and can escalate regularly, with a significant financial burden for leaseholders.
Read more on manchestereveningnews.co.uk
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