A flagship bill to reform England’s “feudal” leasehold system is making its way through parliament – but those caught up in the homeownership “trap” say it is ruining their lives and needs to be abolished.
When he moved in, the apartment in central Manchester had just been constructed. However, the “badly built roof” began to leak water within a year, and he now has to pay £170,000 to get it fixed.
The 34-year-old says paying that would leave him “homeless, bankrupt and possibly even jobless”, as going bankrupt would disqualify him from his profession in financial services.
However, under the terms of his lease—a “feudal” arrangement that permits someone to own a property on land or in a building they do not own—Chris, not the developer, is responsible for the expenses.
“The biggest mistake of my life was buying this flat,” he stated. “It’s basically ruined my life.”
As the government’s main Leasehold and Freehold Reform Bill moves through parliament, Chris is one of twelve leaseholders who spoke with Sky News.
