Following Monday's Second Reading of the Ground Rent Bill in the House of Commons, Michael Voges, Executive Director of ARCO said:
“ARCO represents the largest coalition of private and not-for-profit operators and stakeholders providing integrated housing, care and support solutions to older people in the UK, including the largest investors in this type of specialist housing. ARCO supports the Government’s efforts to modernise the leasehold system and make it fairer and more transparent for consumers. This is why we have never called for an exemption from the ban on ground rents for our members, and do not believe that ground rents are essential for the future of the growth of integrated retirement communities in the UK.
Furthermore, we believe that the decision to ban ground rents should be not subject to judicial review – to the contrary, we will continue to work with the government to ensure that consumer protection for older people is further enhanced - and not diminished – by introducing sector specific consumer protection legislation in the UK.”
For further information please call Gareth Lyon on 07535088498