Londoners are grappling with rising service charges averaging nearly £4,000 per year, as a recent London Assembly report highlights the dangers of uncapped fees in shared ownership schemes. The assembly urges Mayor Sadiq Khan to impose a cap on these charges and enhance transparency for leaseholders who often face unclear billing and potentially fraudulent practices. With more than one in ten residents paying over £7,000 annually, the situation poses significant challenges for housing affordability amidst rising costs that are expected to continue escalating.
Londoners are being hit hard by increasing service charges, often with no clear idea of what they are receiving in return for their money. Worse still, there is no end in sight for these soaring costs.
The uncapped nature of service charges threatens to blight supposedly affordable shared ownership schemes, calling for the mayor to cap the amounts charged in these situations.
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