Wales was effectively the birthplace of the original legislation to address leaseholders' rights, the
Leasehold Reform Act 1967, which arose out of a desire to protect the miners of the south Wales valleys from the loss of their homes at the end of their long tenancies.
In December, Communities Secretary Sajid Javid announced new measure to ban
leaseholds on almost all new build homes.
Mark Tami MP, who is a member of the all-party group, made a number of interventions during the debate and brandished the sale of
leasehold properties a "scam".
The worst difficulties are in some recent new build houses sold as
leasehold instead of the more customary freehold in England and Wales.
up Pete Redfern The company said they expect the payments to customers to be "spread over a number of years", adding: "The process of negotiation with the owners of the freeholds to these
leasehold properties is ongoing.
It may spread to other housebuilders that had similar rip-off
leasehold deals.
Leasehold generally applies to flats with shared spaces, but developers particularly in the north west - have been increasingly selling houses on these terms.
As the
leasehold term gets shorter, the value of the property may become affected, as many building societies and banks are unwilling to give mortgages where there is fewer than 60 years left on a lease," he said.
The North West is a UK hotspot for
leasehold sales, where people buy long leases on land their houses stand on rather than buying the "freehold" outright.
Homebuyers can face exorbitant costs and properties can be rendered unsellable because of
leasehold fees, but plans put forward by the Communities Secretary aim to put a stop to "unjust" and "unnecessary" practices.
The authors fear the number of leaseholders may grow and warned: "Any housing strategy that has the creation of more
leasehold properties at its centre must be accompanied by an improved system of
leasehold tenure that is fit for purpose.
In the Release, CEO Paul Alonzo was quoted as having stated that, "A producing well in close proximity to our new Nevada
leasehold is currently producing in excess of 15,000 barrels of oil per day.
