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04 Jan 2021

Leasehold is changing

The housing minister Robert Jenrick, has announced the biggest shake-up of homeownership in 40 years!
Leaseholders are to be given the right to extend their leases by 990 years as opposed to the 50 years (for houses) and 90 years (for flats) that currently exist. These new leases will also attract zero ground rent meaning more lenders will see these properties as suitable security for lending purposes.

Over the past few years, lenders have rejected certain flats with ground rents that double every 10 years leaving the owners unable to secure finance. Likewise, house owners on new build sites have also expressed concern about their homes being sold to them using short leases rather than on freehold titles not truly understanding the implications.

These reforms are welcomed by leaseholders and are a step toward a Commonhold approach of owning property which is where the Government is heading.

For advice or help please get in touch.

Leasehold is changing

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