Amongst the many recommendations contained in the papers, highlights include:
(1) simplifying eligibility criteria & clarifying new rules for service addresses
(2) providing the ability to apply for unlimited lease extensions with no ground rents – similar to flats
(3) abolishing the two year rule
(4) introducing a concept for houses with shared facilities with flats to be part of collective purchase of whole estates
(5) simplifying of the valuation process
(6) the abolition of qualification criteria based on financial limits
This is potentially one of the biggest changes in leasehold for years and there is much to digest from the report. The paper is an important read and gives a flavour of things to come in the not too distant future!
The Law Commission are proposing these reforms to this September. Watch this space for more news.
This article was written in response to LexisNexis requesting Yashmin’s views on this subject, as an expert in her field. Visit Lexisnexis.
Yashmin Mistry is Partner and Property Practice Group Leader.
Please contact her for more information.
T: 020 7644 7272
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