Duchy of Cornwall: Housing
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to improve transparency for homeowners on the terms under which (a) communal and (b) shared land may revert to the Duchy of Cornwall in the event of developers' insolvency.
Answered by James Murray
Homeowners will have such rights of recourse against insolvent corporate developers as exist under the corporate insolvency regime. The Duchy’s policy is to give an appropriate person or body the opportunity to purchase the property formerly owned by insolvent housing developers. Interested parties may also have the right to apply to Court for a vesting order under a variety of routes (the Trustee Act, Law of Property Act or Companies Act for example).
For communal or shared land, the Duchy co-operates to see the land is disposed of to interested parties directly or via a vesting order.
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