DO you own the land beneath your house? If you don't, you will be leasing it from someone else. Even when you've paid off your mortgage you still won't own the land beneath.

Your house will be known as a 'leasehold property' and the owner of the land beneath your house will probably be charging an annual payment.

That leasehold agreement may have some very unpleasant surprises in it especially if it is for a new-build.

A House of Commons Library report listed Hyndburn constituency as having the seventh highest rate of leasehold house sales in England and Wales. Worrying. The North West and London the hotspots for leasehold and commonhold property sales.

So what does this mean for our area?

The ground (if it is a house) or building (if it is a flat) in leaseholds and commonhold properties is owned by someone else. This means that an additional charge, known as ground rent, can be levied on the property owner.

For many leaseholds like my old house on Hodder Street or my current house in Baxenden the ground rent was nominal. Around £6 per annum rising rarely.

These leasehold charges can be unclear when people purchase their new home and in some cases, invoices have been legally raised to thousands of pounds per annum – devaluing the house considerably and putting people in long-term negative equity.

Politicians from all parties have realised that something must be done to stop people losing thousands due to poor information that was given to them upon buying their property.

Thanks to the All-Party Parliamentary Group on Leasehold and Commonhold Reform, the Government are considering banning new residential long leases on houses – although some exceptions will apply. The Government have also agreed to work with the Law Commission to create a simplified process for lease enfranchisement and extension including a ‘simple prescribed formula.’

Furthermore, there has been a proposal to introduce support for existing leaseholders.

These cross-party announcements are a step forward and a product of politicians working in the interests of fixing something that is clearly wrong. This should happen more often.

As a local Member of Parliament, I have forwarded the report to my local council (Hyndburn Borough) so that they can also consider the challenges that residents face due to these ownership conditions. If you are in doubt about your leasehold agreement, seek legal advice.