Leasehold-And-Freehold-Reform-Bill : Published 27 Nov 2023

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https://www.gov.uk/guidance/guide-to-the-leasehold-and-freehold-reform-bill

 

The Bill will strengthen existing, and introduce new, consumer rights for homeowners by: 

• Making it cheaper and easier for people to extend their lease or buy their freehold so leaseholders pay less to have more security in their home.  
• Increasing the standard lease extension term to 990 years for houses and flats (up from 50 years in houses and 90 years in flats), so leaseholders can enjoy secure ownership without the hassle and expense of future lease extensions. 
• Giving leaseholders greater transparency over their service charges by making freeholders or managing agents issue bills in a standardised format that can be more easily scrutinised and challenged. 
• Making it easier and cheaper for leaseholders to take over management of their building, allowing them to appoint the managing agent of their choice. 
• Making it cheaper for leaseholders to exercise their enfranchisement rights as they will no longer have to pay their freeholder’s costs when making a claim. 
• Extending access to redress schemes for leaseholders to challenge poor practice. The Government will require freeholders, who manage their building directly, to belong to a redress scheme so leaseholders can challenge them if needed – managing agents are already required to belong to a scheme. 
• Making buying or selling a leasehold property quicker and easier by setting a maximum time and fee that for home buying and selling information.
• Granting homeowners on private and mixed tenure estates comprehensive rights of redress, so they receive more information about what charges they pay, and the ability to challenge how reasonable they are.  

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Edited November 29, 2023 by tlangdon12