Abolish Leasehold
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The Leasehold and Freehold Reform Act is now a law. Let's see what it has for us:

  • Allowing for lease terms to be extended by 990 years for both houses and flats. 
  • Elimination of the two-year ownership requirement for leaseholders wishing to extend their lease or purchase their freehold. This opens up enfranchisement options to a wider class of tenants.
  • Making it cheaper for tenants to buy their freehold by requiring each side to pay their own costs (rather than the tenants having to pay the freeholder’s costs, as was previously the case)
  • Relaxing restrictions that previously prevented leaseholders from assuming management of a mixed-use site or acquiring the freehold if more than 25% of the floor space was non-residential. The threshold has now been raised to 50%, enabling a greater number of leaseholders to exercise the right to manage (RTM) or pursue collective enfranchisement. 
  • A ban on the creation of new leasehold houses (other than a very limited number of specific exemptions).

Obviously this a very small step ahead!

 

  • Stephen - October 08, 2024 03:48 PM

    I would like to buy my leasehold so I am free from these people who are making it difficult for my to buy it They have told me that would be responsible for there costs of solicitors fees is this true Regards Stephen miley