ARCO, the main body representing the UK’s integrated retirement community sector, wants the country to adopt the land lease model that is so successful in Australia.
Leasehold Plus, which is developed by ARCO with legal support from partner Trowers & Hamlins, would:
- Extend the reach of consumer protection so that – uniquely in the UK property sector – every sale of a unit in an Integrated Retirement Community is subject to full protection under consumer law.
- Improve dispute resolution mechanisms, including extending the remit of Ombudsmen.
- Include flexibility to tailor leases, enabling them to be kept up to date and respond to changing customer preferences.
“Implementing Leasehold Plus would not cost the government anything, and ARCO believes it should be adopted into law immediately,” it said in a statement.
The Mayhew Review said the UK Government must build 50,000 new homes for older people each year to tackle the UK’s housing and social care crisis – or one in four of all new homes.
