How leasehold properties keep people poor
418Because of laws brought in by William the Conqueror nearly a thousand years ago,
a fifth of properties in England and Wales can be bought but you can never actually own them.
The system is called “Leaseholding” and it’s a reality for 4.98 million properties in the UK. Leaseholding means you own your property but not the ground it sits on. It’s a system that dates back to when William the Conqueror invaded Britain, claimed all of the land for the crown and leased it to his lords, who in turn leased it to peasants in order to maximise profits while keeping ownership.
The system remains relatively unchanged. “These days you “lease”, the ground from the owner of the land for a certain period, and are still legally called a tenant. Once that period expires, you will need to pay to extend that lease. If you don’t, all legal rights to the property you own revert to the land owner. It’s a system that affects the least well-off the most as leaseholds are often the cheapest or only option for those wanting to buy.
It's an incredibly unfair system that gives freeholders ultimate control over decisions, and the power to charge extortionate fees and ground rents.
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