I am grateful for the hon. Gentleman’s straightforward statement.
It cannot be right that sales reps quote prices for the freehold but do not deliver, or that a freehold can be sold to a third party without telling residents. Nor can it be right that solicitors do not inform home buyers of the pitfalls, or that residents find themselves with charges and restrictions far beyond the original agreement.
The list goes on, but in the end, like my constituents, current home buyers are left worrying about what that means for reselling their houses. Although the Government’s announcement is welcome for future home buyers, I hope they take note of one of the country’s leading building societies, Nationwide—of which I must declare that I am a customer—which has changed its lending
policy to protect people who buy new build leaseholds. It wants the Government to take action by preventing the Help to Buy equity loan being available for sites where new houses are being sold on a leasehold basis.