Green Hills goes Freehold
We have taken the decision to sell all our new homes at Green Hills on a freehold basis.
We had initially marketed the Wayne Hemingway designed properties as ‘virtual freehold’, meaning homes were sold on a 999 year lease.
The decision to move to full freehold has been taken to simplify the house buying process and to avoid confusion for customers concerned about the ‘ratchet’ system used by many of the national house builders.
Paul Jones, managing director of Kingswood Homes, said: “Kingswood leases were very different from the leases of many of the large regional and national developers.
“Some national developers use a ‘ratchet’ system where rents can double every ten, or even five years and offer their leases on a short-term basis, meaning homeowners could be charged to extend their leases. National house builders often also sell their leases on to investors who look to charge for approving extensions.
“Kingswood leases, which are retained by the company, could only ever increase by the rate of inflation every ten years and, in any case, were sold on a 999 year basis, to effectively outlive the life expectancy of the house, hence the term ‘virtual freehold’.
“House buyers are right to be wary of the leases offered by many of the national builders. We understand other developers in the area are charging substantial fees for new buyers to purchase their freeholds so to give customers complete peace of mind and to avoid any confusion, we have taken the decision to offer freehold at Green Hills with no caveats or charges.
“I believe this decision will offer customers the widest choice when looking for a new home in Blackburn and will make Green Hills a particularly attractive proposition for those looking for a freehold home without any charge to pay.”
To find out more about freehold homes at Green Hills call into the sales office on Livesey Branch Road between Friday and Monday 11am to 6pm or call Natasha Hanson on 01254 207 101.