MSE News: Millions of leaseholders to get new rights which could save £10,000s

MSE_Helen_K

Millions of homeowners in England will be given a new right to extend their lease by up to 990 years and not have to pay any ground rent, while extending a lease or buying a freehold will also become cheaper for many, under sweeping new Government reforms....

Read the full story:

'Millions of leaseholders to get new rights which could save £10,000s'

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Norman_Castle

'Millions of leaseholders to get new rights which could save £10,000s'

Groundhog day

Try here  https://www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes

NameUnavailable

Norman_Castle said:

'Millions of leaseholders to get new rights which could save £10,000s'

Groundhog day

Try here  https://www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes

It's a worry when even the Government don't understand the difference between freehold and leasehold......

"A freeholder owns both the property and the land it stands on while leaseholders only own the property."

Puddings

I wonder if this will apply to shared ownership.. Currently we don't have the right to the statutory route so the freeholder can set the rules.  

jbrassy

Puddings said:

I wonder if this will apply to shared ownership.. Currently we don't have the right to the statutory route so the freeholder can set the rules.  

Doubt it. Under shared ownership, you don't own 100% of the property as you part own the leasehold with the housing association and the housing association owns the freehold.

When I looked into buying a shared ownership flat a few years ago I figured out quite quickly that it's a bigger scam than leasehold. With house price growth in London, it's highly unlikely you'll ladder up to 100% ownership and you'll have no control over the fees the property management company charges. Not only that, when you come to sell the flat, you can only sell it through the housing association rather than a regular estate agent. Never heard a positive word spoken about shared ownership. 

karenandkenb

When will the calculator come out? 
We have just requested a figure to buy our freehold now not sure if we should wait we have 75 years left on the lease and only pay £30 annually for ground rent.

Tokmon

jbrassy said:

Puddings said:

I wonder if this will apply to shared ownership.. Currently we don't have the right to the statutory route so the freeholder can set the rules.  

Doubt it. Under shared ownership, you don't own 100% of the property as you part own the leasehold with the housing association and the housing association owns the freehold.

When I looked into buying a shared ownership flat a few years ago I figured out quite quickly that it's a bigger scam than leasehold. With house price growth in London, it's highly unlikely you'll ladder up to 100% ownership and you'll have no control over the fees the property management company charges. Not only that, when you come to sell the flat, you can only sell it through the housing association rather than a regular estate agent. Never heard a positive word spoken about shared ownership. 

I certainly wouldn't call shared ownership a scam and there are some very good schemes out there which are good value. 

Mazza68

I have a shared ownership property that have a lived in for almost 23 years.
I have a mortgage on 50% of the property and pay rent on the other half. I feel panicked by getting these leaflets from Optivo 
Recently I have been receiving leaflets from housing association (Optivo) about extending my lease in it was under going to be under 85. when looked at my recently I only have 76 years left on my lease.
I’ve not been in a position to staircase my property due some setbacks as much as would love to buy more of my property as I’ve never had any intention to live anywhere else and now I couldn’t afford to buy any more of my property so have just not looked knowing my situation.
What does the leasehold reform mean for me?
I’m in no financial position to be able to extend my lease at present.
Any advise would be appreciated

starving_artist

MSE_Helen_K said:

Millions of homeowners in England will be given a new right to extend their lease by up to 990 years and not have to pay any ground rent, while extending a lease or buying a freehold will also become cheaper for many, under sweeping new Government reforms....

Read the full story:

'Millions of leaseholders to get new rights which could save £10,000s'

Click reply below to discuss. If you haven’t already, join the forum to reply.

I think this is a bit misleading.  It isn't law yet and there are no guarantees which measures will be passed.  There is bound to be steep opposition to some of the proposals eg. removal of marriage value.

UKDeejay

12 months on from the original story, is there any update on how the plans are progressing, timeline etc?

dimbo61

You can only believe this has happened when it's been passed through parliament and the house of lords and the Law of the Land.
Far too many freeholders going to oppose this