Partner and Head of Residential Property, Jonathan Wall, comments below on yesterday’s announcement regarding Leasehold property in the UK, reported by the BBC in their article Leasehold reforms set out amid concerns over delays.
Partner and Head of Residential Property, The Government yesterday set out plans for Leasehold ownership to be scrapped by the end of the current Parliament, with a move towards the less well known ownership type of commonhold, which is rarely used in the UK.
Whilst the future plans remain unknown, the Government announced plans to scrap the current 24 month ownership requirement, before a lease extension can be exercised by a leaseholder, by January 2025.
The Government also looks set to make it easier for resident owned management of common parts of a building shortly thereafter, to remove costly management charges levied by third parties.
This could be the biggest shakeup of property ownership in a generation and will be interesting to see how this plays out.
We will be keeping a close eye on what develops in the new year and what it means for our clients.
If you are looking to buy or sell your property, be it leasehold or freehold, get in touch and we can guide you through to make the buying and selling process as simple as possible.
By Jonathan Wall, Partner and Head of Residential Property
