LAST WEEK CERTAINLY SHOOK THE HOUSING SECTOR – AND FOR ONCE NOT TO BENEFIT FREEHOLDERS & LANDLORDS
The government has at long last laid before parliament it’s first piece of leasehold reform legislation – ‘Leasehold Reform Ground Rent bill’.
The Queens Speech is the speech that the Queen reads out in the Lords Chamber on the occasion of the State Opening of Parliament. It sets out the programme of legislation that the Government intend to pursue in the forthcoming parliamentary session.
The session started strong.
TUESDAY 11TH MAY – QUEENS SPEECH
WEDNESDAY 12TH – THE GROUND RENT BILL INTRODUCED
THURSDAY 13TH – ANNOUNCEMENT OF THE COMMONHOLD COUNCIL
This is a massive milestone and shows the governments direction of travel to abolish ground rents; therefore cutting off the income stream that underpins the current leasehold system.
For a clear explanation of what this The Ground Rent Bill actually means please read the article on the Leasehold Knowledge Partnership website.
GROUND 8 HOUSING ACT
The bill does not address the “Ground 8” Housing Act issue which makes ground rents over £250 (outside of London) or £1,000 (inside of London) onerous.
There is a still a comprehensive package of reform underway. Whilst this announcement may not help existing leaseholders we do believe this is the START OF THE END OF LEASEHOLD – Which we welcome. We will continue to push government on ALL of the leasehold reforms underway to ensure existing leaseholders are not forgotten.
Launch of the Commonhold Council – an advisory panel of leasehold groups and industry experts who will inform the government on the future of this type of homeownership.
Regulation of Property Agents: working group report
Housing Secretary Robert Jenrick said:
“We want to give homeowners across the country the autonomy they deserve.
The new Commonhold Council launched today will – together with leasehold groups and industry experts – pave the way for homeowners in England to access the benefits that come with greater control over your home.
We are taking forward the biggest reforms to English property law for 40 years – and the widespread introduction of Commonhold builds on our work to provide more security for millions of existing leaseholders across England, putting an end to rip-off charges and creating a fairer system”