Read the Leasehold and Freehold Reform Bill here.
Millions of homeowners in England and Wales will be given greater rights, powers, and protections over their homes as part of the most significant reforms to the leasehold system for a generation under the new Bill.
A key part of the Government’s Long-Term Plan for Housing, the Leasehold and Freehold Reform Bill, introduced to Parliament today, will make it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges. The Bill will also rebalance the legal costs regime and remove barriers for leaseholders to challenge their landlords’ unreasonable charges at Tribunal.
Ahead of the Bill’s introduction, the Housing Secretary, Michael Gove said:
“People work hard to own a home. But for far too long too many have been denied the full benefits of ownership through the unfair and outdated leasehold system.
“That’s why liberating leaseholders forms a vital part of the Government’s Long-Term Plan for Housing.
“So today marks a landmark moment for millions of leaseholders across the country, as we unveil laws to deliver significant new rights and protections, slash unfair costs and crack down on exploitation.”
To read the DLUHC press release about the Bill, click here.
The Property Institute will provide our full analysis and comments on the Bill in future updates.
