Big changes coming for Freeholders & Leaseholders
Dutch & Dutch
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The 'Leasehold and Freehold Reform Bill' which is being introduced to Parliament today will bring the most significant reforms to the leasehold system in decades. In summary, the Bill aims to:
Further measures, which are being consulted on currently, include an option to cap ground rents for existing leases, a very controversial move and one that is not popular amongst the UK's largest residential Freehold companies.
There is plenty for both Freeholders and Leaseholders to consider and no doubt there will be some unexpected consequences as well as opportunities for the property industry.
It will be interesting to see how the industry adapts to these changes in the coming months and years.
Senior Developer @ Santander UK | Software Development
10 个月The Earl of Lytton has tabled amendments to end service charge abuse, prevent insurance assignments and introduce the concept of a Building Trustee to ensure leasehold abuse ends and Commonhold thrives. The building trustee would be appointed for higher-risk buildings and large mixed-use developments. He or she would be an impartial figure whose role would be ensure that the interests, rights, responsibilities of the landlord (if any) and leaseholders are balanced and, more importantly that the building is properly maintained and the service charge provides value for money. In this way, the concerns raised in relation to leaseholder management of larger mixed use estates can be mitigated. In the event of insolvency of the landlord, the building trustee would step in to ensure the ongoing management of the building. Provision is made in the relevant amendment to prevent the termination of service contracts or insurance policies if a landlord becomes insolvent. More here: https://buildingsafetyscheme.org/trusthold-and-service-charge-amendments-tabled/
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