Property tycoon Vincent Tchenguiz is lobbying against proposed changes to the leasehold system that his company says threaten “unintended detrimental consequences to the entire property market”.
Tchenguiz, whose Consensus Business Group is one of the largest holders of UK freeholds, told the Financial Times there were “grounds to keep the freehold-leasehold system working” despite a scandal over escalating ground rents.
The tycoon’s company argues that proposed changes to leasehold could lead to consequences ranging from higher home prices and bad property management to pension funds being forced to write down loans.
