Leasehold reform

tony3619

Hello, 

Ive heard they are planning to make extending a lease cheaper and the amount you can extend it by rise 990 years. 

Any clues on when and how much cheaper? 

eddddy

No clues - it's been talked about for many years, so far.

As you can imagine, leaseholders who want to extend leases are very keen to pay less money, but freeholders who will receive less money are not so happy. So there's pressure from both sides.


But maybe it's more likely that the legal and valuation fees will be slashed.

Currently, the fees for a statutory lease extension might be £3k to £5k (in addition to the cost of the lease extension). Streamlining the process could reduce those fees dramatically.

starving_artist

The bill is currently at its second reading in the House of Lords https://bills.parliament.uk/bills/3523

lukekelly19

Is there any indication of the likely cost of extending by 990 years? If it will be the same cost as extending by 90, or if it will be ten times more?

BonaDea

How to calculate costs is one of the contentious parts of the Leasehold Reform Act 2024 that hasn't been settled yet and probably won't be for a couple of years.  Or more, depending on consultations and legal challenges.