Leasehold reforms – how will these impact homeowners and leaseholders?πŸ‘€

Leasehold reforms – how will these impact homeowners and leaseholders?πŸ‘€

At the beginning of 2021 the (then) housing secretary, Robert Jenrick, announced big plans to reform the legislation regarding Ground Rent across the entire industry without exceptions.

The reforms were proposed with the primary focus of adding a lot more legal and financial flexibility to leasehold homeowners by increasing the statutory lease extension term for flats from 90 years to an additional 990 years at a peppercorn ground rent across all properties.
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The market continues to demonstrate resilience with buyer enquiry and new seller numbers remaining ahead of the same period in 2024. Despite decade-high choice for buyers, the average property price increased 1.4% (+ Β£5,312) this month. This is ahead of the average April increase and sets a new record of Β£377,182.

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