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Leasehold reform
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jay9011
Posts: 23 Forumite

Hi,
I own a newbuild house with a RPI lease.
Would anyone know if there is any timeframe for the Leasehold Reform (Ground Rent) Bill? Realistically are we talking months or years?
Thanks in advance.
I own a newbuild house with a RPI lease.
Would anyone know if there is any timeframe for the Leasehold Reform (Ground Rent) Bill? Realistically are we talking months or years?
Thanks in advance.
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Comments
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I would say years. Taking into consideration of the pandemic this is low on the government priority list. This should have been abolished a loooong time ago.1
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Years, if at all.
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Just to clarify - it's unlikely that the reform will change your ground rent or RPI increases.
But the things that the reforms are planned to do include:- Reducing legal/valuation fees when you buy the freehold - which might save you a thousand or two when you buy the freehold - but you'd still need to pay for the freehold itself.
- If you can't afford the freehold - you might get the option of 'buying out' the ground rent - i.e. reducing it to zero. You'd still have to pay for this, but it should be a bit cheaper than buying the freehold.
- The price of the freehold may (or may not) become cheaper. But I think most people are skeptical about this and don't think that freeholds will get much cheaper.
But as others say - this may still be a long way off.
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eddddy said:
Just to clarify - it's unlikely that the reform will change your ground rent or RPI increases.
But the things that the reforms are planned to do include:- Reducing legal/valuation fees when you buy the freehold - which might save you a thousand or two when you buy the freehold - but you'd still need to pay for the freehold itself.
- If you can't afford the freehold - you might get the option of 'buying out' the ground rent - i.e. reducing it to zero. You'd still have to pay for this, but it should be a bit cheaper than buying the freehold.
- The price of the freehold may (or may not) become cheaper. But I think most people are skeptical about this and don't think that freeholds will get much cheaper.
But as others say - this may still be a long way off.
Thanks Eddy,
I really would like to buy the freehold and move on. It's whether to hold out for the reforms to be passed. There isn't any time-scale, just proposals on the gov website.
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