Barratt Developments has eliminated ground rents on new developments, it has been reported this week.
Barratt, the UK’s largest housebuilder, is also reportedly to offer 999-year leases on new-build flats, according to the Independent newspaper.
Campaigners have welcomed the news, increasing their hope that this will end the ground rents industry – though it seems existing Barratt home leases will not have ground rent removed.
Beth Rudolf, director of delivery at the Conveyancing Association, commented: “Without seeing the Barratt’s lease, it is difficult to make a quick judgement.
“However it is clearly positive they are already taking the lead on the recommendations in t...