The Government will also consult on capping existing ground rents and the standard lease extension term will be increased from 90 years to 990 years.
A ban on the creation of new leasehold houses in England and Wales will be included in a Government shake-up – but there was criticism that the announcement did not refer to flats.
Paula Higgins, chief executive of the HomeOwners Alliance, welcomed the reforms, but said: “The Government’s reforms fall short of breaking homeowners free from the shackles of leasehold completely by still allowing the sale and purchase of leasehold flats in the future.”“Our other major concern about the Bill is parliamentary time. With over 20 Bills announced today, we need to see a draft Bill by Christmas – otherwise these reforms remain fiction and leaseholders continue to suffer.
The standard lease extension term will be increased from 90 years to 990 years for both houses and flats, with ground rent reduced to £0. In another case, a homeowner who bought a new-build flat in 2020 has seen their ground rent rise from £350 to more than £450 per year. The changes will also enable leaseholders in buildings with up to 50% of non-residential floorspace to buy their freehold or take over its management.
A presumption that leaseholders will pay their freeholders’ legal costs when challenging poor practice will also be scrapped.
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