Gov’t reforms make buying a leasehold easier & cheaper

On 7th January Housing Secretary Robert Jenrick announced reforms to the laws around leasehold, said to be the biggest reforms to English property law in 40 years. There has been much attention on the matter in recent years and the difficulties leaseholders face with ground rents and lease extensions. New reforms mean millions of leaseholders will be given a new right to extend their lease by 990 years at zero ground rent. These changes could save households from thousands to tens of thousands of pounds. The elderly will also be protected by reducing ground rents to zero for all new retirement properties. This announcement will be welcome news for many. 

You can read the full press release here