BBC London is this morning reporting a huge rip off of right to buy leaseholders by councils across London. It seems where former council tenants have exercised their right to buy on leasehold properties in blocks of flats, councils have been refusing to pay the market rate, when these flats are compulsoraly purchased back by councils for redevelopment. Some tenants are only being offered 1/3 of the true market value and have no means to get a fair deal. Sadly our local MP's such as Mike Freer, who made the govt force through legislation to protect the property rights of foreign dictators, are not interested.
This is clearly completely imooral behaviour and as ever it is the most vulnerable who are most likely to suffer. Councils often go into partnership with rich property developers to execute such schemes and small fortunes are being made. Sadly the long term residents who have the strongest relationship with the area are the ones shafted in the process.
It is clear that the government, which brought in legisilation in the first place, should take action to guarantee the rights of tenants to obtain a proper market value.