New Leasehold Reform

 

With new leasehold reform, millions of leaseholders will save up to tens of thousands of pounds. Many in the property industry feel this will make homeownership fairer, but will it come into effect soon enough?

With new leasehold reform, millions of leaseholders will save up to tens of thousands of pounds. Many in the property industry feel this will make homeownership fairer, but will it come into effect soon enough?

Under new legislation being brought forward, leaseholders will have a new right to extend their lease for 990 years. This will be at zero ground rent. The government has described these measures as part of the biggest reforms to English property law for 40 years.

Housing Secretary Robert Jenrick says: “Across the country people are struggling to realise the dream of owning their own home but find the reality of being a leaseholder far too bureaucratic, burdensome and expensive.