With Brexit looming at the end of this month, many of Britain’s property developers and landlords alike have been struggling to sell their properties throughout the UK. The uncertainty surrounding Brexit has been added complexity to tenancy and property contracts, and this has had a significant impact on the confidence of consumers and lenders.
One common issue has been the deed of variation which states that ground rent will “double” every few years—and this has tied down a number of homeowners from selling their properties. Some of the UK’s biggest mortgage lenders including Barclays and Nationwide have been put off by such clauses and have declined thousands of mortgage applications as a result.
