Bellway wary of a leasehold scandal Leasehold threat: Bellway has admitted the industry has a 'problem' One of Britain's leading housebuilders has admitted the industry has a 'problem' amid a fierce backlash over the sale of new build homes with leases.
Some of the country's biggest developers have been heavily criticised for selling this type of home that means buyers do not own the property outright and have to pay an annual fee to the freeholder. These ground rents typically rise with inflation but some contracts see them double every decade pushing a fee that starts at 250 a year today to 500 a year in ten years, 1,000 a year in 20 years, 2,000 a year in 30 years, 4,000 in 40 years and so on. Bellway chief executive Ted Ayres said: 'This is a problem for the industry. 'It is getting quite a lot of publicity at the moment.' Bellway posted a 9.3 per cent rise in half pandora jewelry online store year profits to 247.6million. Revenues rose 5.9 per cent to 1.1billion as the firm sold a record 4,462 newly built homes up 6.5 per cent on the same period the previous year. Bellway said its leases go up in line with inflation and do not double every decade. A spokeswoman said: 'Bellway have never offered a pandora gold charms ten year doubling lease. After a period of 8 years from the term commencement date, the ground rent will increase in line with the retail prices index (RPI). Following this, it will increase by the rate of RPI every five years thereafter for the duration of the lease term. The reason for this is to ensure that the ground rent remains at the same value, in real terms, as at the time when the lease was granted. Unlike those stated recently in the press, it does not double.' Most watched Money videos The new Nissan Qashqai will be in pandora charm bracelet for kids the showrooms from next month Instant karma!: Thief stopped by lorry driver quick thinking Jaguar Land Rover teases the opening of its classic car tour Investing Show: Are stockmarkets too expensive? Is this the best car used advert ever? Vitara gets CGI treatment Rolls Royce showcases its bespoke capabilities in stylish car Unsettling digital safety advert will make you think twice online The world largest luxury car Machine in Singapore Footage showing the amazing evolution of the Porsche 911 Carrera Should you worry about the election and your investments? How should investors deal with the UK election result? pandora rings on sale Investing Show: John Redwood on whether Trump can deliver Sainsbury's to buy convenience rival Nisa in 130m deal,. Daily Briefing: Possible deal as Scottish Widows in line. Jaguar Land Rover jobs drive for engineers who can create. MARKETS LIVE: FTSE up as David Davis begins Brexit talks. ALEX BRUMMER: Hammond must be heard 'failure to secure. Private equity giant Blackstone backs UK property by. Brexit vote fuelled 146bn betting frenzy in City amongst. Co op Bank in 'advanced talks' with investors over. Women's retailer Bonmarch suffers 40% profits fall as. Britain's holiday rental market booms as the weak pound. MIDAS SHARE TIPS UPDATE: Vital signs are improving at. A surprise surcharge AFTER you have paid it's the. Roaming may now be 'free' when you're abroad but you. 'Brexit is a lose lose proposition, harmful both to. Sainsbury's to buy convenience rival Nisa in 130m deal,. North South divide opens up in buy to let market as study.
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