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Leasehold Extension Reform
lease2help
Posts: 4 Newbie
My lease needs extending I have 84 years left. Im so confused by all these proposed reform proposals and I've read a lot of articles. In a nutshell are the Torys pushing through a total ban on leaseholds, my flat is not new and I've lived here years. Or are they just going to make it cheaper and easier? So in reality if I wait 5 years for the reforms I might still be paying £1,000s No one in my block wants to go down the freehold route.
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Given the change in government who knows what will happen.
Best bet contact your MP & find out what might be happening.Life in the slow lane1 -
lease2help said:My lease needs extending I have 84 years left. Im so confused by all these proposed reform proposals and I've read a lot of articles. In a nutshell are the Torys pushing through a total ban on leaseholds, my flat is not new and I've lived here years. Or are they just going to make it cheaper and easier? So in reality if I wait 5 years for the reforms I might still be paying £1,000s No one in my block wants to go down the freehold route.
In simple terms, the current situation is that for a lease extension (with 84 years), you have to pay...- The premium (i.e. the cost of the lease extension)
- Your own legal and valuation costs
- Your freeholder's legal and valuation costs
Following the reforms, the plan is that for a lease extension, you have to pay...- The premium (i.e. the cost of the lease extension)
- Your own legal and valuation costs
i.e. The freeholder has to pay their own costs. That might save you £1k to £2k. And it might discourage freeholder's from 'arguing' for too long.
But the premium (i.e. the cost of the lease extension) might actually increase - so you might be worse off overall.
The reforms were expected around the end of 2025.
However, there are suggestions that the Labour government is unhappy about some of the plans - so they might do more consultations, which might result in more delays.
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Thank you that’s just what I wanted to know 😊0
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