1/4 The #claddingscandal is an extreme example of why #leasehold is so unjust. Developers build cheaply and sell freeholds (ownership of building) to investment funds like @LongHarbourLtd which own the building and are the long-term owners of your flat.

2/4 Yet leaseholders are made to pay ALL building costs, many of which stem from the developer’s negligence. These works are often carried out by the managing agent’s mates with no proof of expenditure required.

3/4 As a result, leasehold can only be understood when seen as a long-term revenue stream for developers, freeholders and managing agents. There is actually an incentive for poor construction as remedial works can later be outsourced and inflated contracts billed to leaseholders.

4/4 @NLC_2019 @LKPleasehold @EOCS_Official @ukcag @CMAgovUK @Law_Commission @BBCWatchdog @BBCPanorama @MartinSLewis @paullewismoney @TransparencyUK @Global_Witness @ASA_UK @PRJournoRequest #leaseholdscandal