A fairer deal for leaseholders of houses and flats
The government`s desire to review and simplify the leasehold and freehold issues that have recently been highlighted; look like they are getting closer to fruition. Depending upon how much of an overhaul is undertaken, there could be major implications for landlords, particularly of flats, in the not too distant future.
The Law Commission has proposed a series of radical reforms designed to provide a better deal for leaseholders who want to purchase the freehold or to extend the lease of their home.
The proposals would:
- Make the process (known as “enfranchisement”) easier, cheaper and quicker
- Improve and enhance the rights of leaseholders to buy their freehold or extend their lease
- Introduce a simpler unified procedure for houses and flats
- Remove limitations on the right to enfranchise, including the requirement that leaseholders must have owned their property for two years before making a claim
Find out more here