Key Legislative Changes for Leaseholders
The House of Lords has recently passed the leasehold reform bill, introducing significant changes to the leasehold system that will affect around 5 million homeowners in England. Despite the efforts of campaigners, the bill does not include a cap on ground rents. This legislation was approved during a last-minute debate before Parliament’s suspension and aims to ban most new leasehold houses, simplify lease extensions, and increase transparency in service charges.
Why This Matters:
Uncertain Impact
The passage of the bill is a step forward in leasehold reform. However, its rushed approval without a cap on ground rents leaves many questions unanswered and concerns unaddressed.
Controversy:
Stakeholder Reactions
The bill’s passage has elicited mixed reactions. Campaigners see it as an important, albeit incomplete, reform. On the other hand, freeholders argue that the measures are unfair and could potentially diminish property values, leading to possible legal challenges against the government.
How We Can Help at Touchstone London
At Touchstone London, we specialise in navigating the complexities of property law and market changes. Whether you’re a homeowner, leaseholder, or investor, our expert team is here to provide tailored advice and support during this transition.
Services We Offer:
-Expert Legal Advice: Our experienced team can guide you through the implications of the new leasehold reform bill.
-Lease Extension Assistance: We simplify the process of extending your lease, ensuring you understand your rights and options.
-Service Charge Transparency: We help you navigate the changes in service charge transparency to ensure you’re not overpaying.
-Investment Support: For investors, we offer strategic advice to navigate the evolving property market.
Conclusion
The leasehold reform bill represents a significant change in property law, but its lack of a cap on ground rents leaves room for ongoing concerns. At Touchstone London, we are committed to helping you understand and adapt to these changes. Contact us today for expert advice and support.
