The Tories accepted a £10,000 donation from a company run by a property tycoon whose made millions through a practice the Government has branded “abusive.”
New party funding figures released by the Electoral Commission show the Tories received the money from Ashcorn Estates Limited.
One of the company’s two directors is James Tuttiett, whose made a fortune through a web of companies that own the freehold of 40,000 homes – and even schools – across Britain.
It means he can make money for nothing by charging the leaseholders of the properties ‘ground rent’ which gets more expensive every year.
One person affected summed it up: “I’ll be paying E&J £10,000 per year to live in my own home that will be fully bought and paid for.”
Housing Secretary Sajid Javid called it “an unjustifiable way to print money.”
In July last year, Javid launched a consultation on plans to ban new homes being sold as leasehold.
And in December, he announced the Government would put the ban into law. The minister said:
“It’s unacceptable for home buyers to be exploited through unnecessary leaseholds, unjustifiable charges and onerous ground rent terms.”
But in November – between the launch of the consultation and Javid announcing the “crackdown” – the Tories took a cheque from one of Tuttiett’s companies.
How can a party taking the proceeds of this rip-off be trusted to end it?