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<p>In 2017, the Law Commission published a report of their review of event fees on
behalf of this Department. This followed concerns raised by the Competition and Markets
Authority about the fairness of some retirement property leases that have resulted
in leaseholders paying an event fee of between 0.25% and 30% of the sale price of
the property when selling or sub-letting. Concerns were also raised about the lack
of transparency of event fees for older people and their families when purchasing
a leasehold retirement property. The Law Commission made a number of recommendations in
its report, which can be downloaded at <a href="https://gbr01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.lawcom.gov.uk%2Fproject%2Fevent-fees-in-retirement-properties&data=04%7C01%7CPSChristopherPincher%40communities.gov.uk%7C9af3d88c749e44ec1a9608d97c3cae44%7Cbf3468109c7d43dea87224a2ef3995a8%7C0%7C0%7C637677422317532003%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=zfNpEslOjuyfbBg1w59pPu8%2B3V6BzQ2jRVTQ%2FUU%2FDsU%3D&reserved=0"
target="_blank">http://www.lawcom.gov.uk/project/event-fees-in-retirement-properties</a>.</p><p>The
Government responded to the Law Commission, thanking them for the report and agreeing
to implement the majority of the recommendations.</p><p>This includes a new statutory
code of practice which will ensure that these fees cannot be charged unexpectedly,
while fees that breach it will be regarded as unenforceable and developers and estate
agents will be required to make all such fees crystal clear to people before they
buy, so prospective buyers can make an informed decision before forming a financial
or emotional attachment to a property.</p><p>The Government is considering two further
recommendations, on succession rights and a database of leasehold retirement properties
with event fees, and will respond.</p>
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