On Tuesday 7th November 2023, the Leasehold and Freehold Bill was announced during King Charles’ first king’s speech in parliament. When it becomes law, the Bill will deliver the Government’s commitments on leasehold reform as outlined in their manifesto – to provide fairness in the housing market.
“My Ministers will bring forward a bill to reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of homeowners through punitive service charges.” King Charles, the King’s speech, Tuesday 7th November 2023.
What will the Leasehold and Freehold Bill include?
The Bill plans to give homeowners in England and Wales a fairer deal by;
- Empowering leaseholders by making it cheaper and easier for existing leaseholders to extend their lease or buy their freehold, by removing barriers such as the two-year ownership requirement and reducing ground rent to £0.
- Improving leaseholders’ consumer rights such as greater transparency over service charges
- Reforming the leasehold market by banning the creation of leasehold houses
Dona Awano, head of our specialist leasehold team says; “Some of the changes announced in the highly anticipated King’s speech are welcome and positive. Whist it is encouraging that the consultation on capping ground rents in existing leases has been promptly published, there are concerns that the consultation might delay the Bill. We await seeing the draft Bill as the devil will be in the detail.”
About our Leasehold team
Based in our Crystal Palace office, our Leasehold Enfranchisement solicitors are all highly experienced in this niche area of Property law. Amphlett Lissimore are members of the Association of Leasehold Enfranchisement Practitioners (ALEP), so you can be sure to receive from us a high level of service, integrity, and professionalism.