A COMMERCIAL property expert is warning housebuilders to take a look at their leases after reports the sale of new-build leasehold homes could be banned.

Communities Secretary Sajid Javid has announced an eight-week consultation into the proposals, which could potentially ban the payment of ground rents on new homes.

House purchasers across East Lancashire - including in the Ribble Valley, Colne, Rawtenstall and Blackburn - have raised concerns about the practice by developers.

Martin Beardsworth, commercial property partner at regional law firm Napthens, which has an office in Blackburn, said the plans could help homeowners but buyers needed to understand the current system and how leasehold works.

He said: “This is major news that could change the way properties are owned by many people.

“This comes after industry concerns that some house owners may not fully understand the terms of their new house leases, and onerous lease terms could affect the value of their property and/or cause mortgage lenders to revoke their initial mortgage offers.

“There is no doubt the leasehold system can be complex, which is why it is so important to take legal advice early on.”