The rules on Leasehold Property are set to change, how will this affect you!
Автор: Property Insight
Загружено: 2023-12-21
Просмотров: 1509
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Leasehold Reform is set to change this type of tenure meaning it will be better for tenants and owners moving forward.
After it featured in the King’s speech in November 2023, the “Leasehold and Freehold Bill” is expected to be laid before parliament before the end of the year, and expected to become law in 2024
https://www.bbc.co.uk/news/uk-politic...
Outlined plans are;
Make it easier and cheaper to extend leases
Easier to buy the freehold of your leased flat or house
Increase the statutory lease extension period from 90 years to 990 years
Removing the two year ownership period requirement before you can extend the lease with a S42 notice to the freeholder
Ban altogether the creation of leasehold houses
Capping existing ground rents, and possibly removing ground rents on existing leases altogether (since June 2022 law reform ground rents were set to zero for all new build leasehold properties, as well as for any lease extensions to existing leasehold properties)
Michael Gove has said that the Conservative party will introduce a form of shared commonhold ownership which may become more commonplace than leasehold
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