More than 40 property developers and freeholders have signed a government-backed pledge to help homeowners stuck with “toxic leases” that make properties almost impossible to sell.
The signatories have committed to change the terms of leases for those with onerous “doubling clauses” in which ground rents can rise exponentially in a short period of time.
However, campaigners dismissed the announcement as a public relations initiative that would still leave tens of thousands of homeowners trapped.
