Leasehold Reform - The King's Speech 2023

In King Charles III's first King's Speech, significant reforms were announced concerning leasehold properties in the UK. These reforms are part of a new bill intended to reshape the housing market. Here's a summary of the key points:

Leasehold and Freehold Reform Bill: The Leasehold and Freehold Reform Bill, as announced in the King’s Speech, is central to these reforms. It encompasses measures to make the housing market more equitable for leaseholders. This bill is a part of the government's broader legislative agenda to reform the housing market, as mentioned in the speech​​​​.

Empowering Leaseholders: The reforms are designed under three main categories: empowering leaseholders, improving leaseholders’ consumer rights, and reforming the leasehold market. This approach indicates a comprehensive strategy to address various aspects of leasehold properties and the challenges faced by leaseholders​​.

Making Freehold Purchase Easier and Cheaper: The bill aims to make it more cost-effective and straightforward for leaseholders to buy their freehold. This move is seen as a step towards empowering leaseholders and providing them with more control over their properties​​​​.

Addressing Service Charges and Ground Rents: The reforms also target the exploitation of homeowners through excessive service charges and ground rents. By addressing these issues, the bill aims to alleviate some of the financial burdens faced by leaseholders and to bring more fairness to the leasehold system​​.

Reforms for Renters: In addition to leasehold reforms, the King’s Speech also introduced new rules for renters. Although specific details were not immediately clear, this indicates an overall focus on improving the housing sector for both homeowners and renters​​.

Overall, these reforms represent a significant shift in the UK's approach to leasehold properties, aiming to provide more rights and protections to leaseholders and renters. The detailed impact of these reforms will become clearer as the legislation progresses and more specific details are released.

• Leasehold Reform Enquiries:

  • Expert Advice: We can provide expert advice on leasehold reform, helping leaseholders understand their rights and options under the law. This is particularly valuable in light of the complex legislation surrounding leasehold properties in the UK.
  • Guidance on Legislation: We can guide leaseholders through the intricacies of the Leasehold Reform, Housing and Urban Development Act 1993 and the Leasehold Reform Act 1967, ensuring that leaseholders are well-informed about their entitlements and responsibilities.

• Valuations:

  • Accurate Property Valuations: We can conduct accurate and comprehensive valuations of leasehold properties. This is essential for leaseholders seeking to buy the freehold of their property or extend their lease, as the valuation determines the price they must pay.
  • Specialist Knowledge: Our specialist knowledge in leasehold valuations ensures that leaseholders receive a fair and realistic valuation of their property, based on current market conditions and other relevant factors.

• Negotiations:

  • Negotiating Lease Extensions and Freehold Purchases: We can represent leaseholders in negotiations with freeholders, aiming to secure the best possible terms for lease extensions or freehold purchases.
  • Dispute Resolution: In cases where there is a dispute between the leaseholder and the freeholder, we can offer dispute resolution services, potentially saving both parties time and legal expenses.

Typically an RICS Valuation can cost anything from £450 upwards, depending on the rough market value of the property. Click on the quotation form below for an instant, accurate quote for your property.