Ground Rents Income Fund PLC Corporate Update (1453A)
December 22 2017 - 2:00AM
UK Regulatory
TIDMGRIO
RNS Number : 1453A
Ground Rents Income Fund PLC
22 December 2017
Ground Rents Income Fund plc
Corporate Update
Ground Rents Income Fund PLC ("GRIF" or "the Company") notes the
statement made yesterday by Communities Secretary, Sajid Javid,
regarding the leasehold system, the proposed future level of ground
rents in England and the release of the Department for Communities
and Local Government's consultation responses and the subsequent
Government response to the consultation- Tackling unfair practices
in the leasehold market.
GRIF welcomes the steps the Government intends to take to stamp
out poor practice in the housebuilding industry concerning
leasehold houses, to protect consumers in the home sale process and
to improve standards and transparency in residential property
management sector. The Directors are wholly supportive of the
Government's Housing White Paper, 'Fixing our broken housing
market', and are aligned in their desire to promote fairness and
transparency for consumers.
The Company is committed to working with Government and the Law
Commission to appropriately reform the industry and to support
existing leaseholders. GRIF has advocated a formal industry code of
practice be enacted into legislation, under existing powers of the
Secretary of State, in order to drive standards and to regulate
managing agents.
In light of these announcements and having regard for the best
interests of GRIF's leaseholders, the Company will pause the
rollout of its asset management programme in order to digest the
statements from the last 24 hours. The Directors remain committed
to amending leases' review terms from doubling, to the lesser of
doubling or RPI, for those leaseholders affected.
Contacts:
Ground Rents Income Fund
plc
020 7499
Simon Wombwell (Director) 6424
Brooks Macdonald Funds Limited
020 7659
James Agar (Director) 3454
N+1 Singer (Broker)
020 7496
James Maxwell / Liz Yong 3000
Tavistock (Media)
020 7920
Jeremy Carey / James Whitmore 3150
Appleby Securities (Channel
Islands) Limited
Kate Storey / Danielle Machon 01481 755600
This information is provided by RNS
The company news service from the London Stock Exchange
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