Leasehold Reform
Posted on 12th December 2018
I say Leasehold you say….? If you have come across this term, then you’ve potentially come across it due to the bad press Leasehold Properties received before we were swamped with Brexit news. The horror stories and steady stream of newspaper articles about developers charging first time buyers thousands, buyers finding themselves stuck with a property they cannot sell and villainous Management Companies making their millions. MG Legal, Property Solicitors Preston, look at why despite mounting public concern Leasehold properties might not be on their way out yet.
The Government have released a consultation and proposals intended to “crack down on unfair leasehold practices”. With the many horror stories and the Government ready to act it is easy to imagine a future in which Leasehold properties do not exist however is it really likely?
An estimated 5.37 million properties are thought to be Leasehold from houses to converted town houses to modern apartments and “Leasehold” is a useful way of dealing with these communal areas. Whilst Leasehold Properties are currently being slammed it is important to remember that they have worked for hundreds of years. So surely it would be more useful to deal keep the useful parts whilst getting rid of the parts which can be abused?
It is generally thought that the law should be responding to Social Policy and not merely allowing this to become a matter of policy.
The following themes appear to becoming apparent in what is thought should happen: -
Houses should be sold as freehold unless there is a specific reason for them not to be
Ground rent that increases exponentially should be abolished
The harder question is what should happen to those caught in the trap of the explosive leasehold ticking timebomb trap already?
It is difficult to comment at Legal Professionals distinctly dislike anything involving retrospective change
But as public disgust rises in relation to Leaseholds it is clear something must be done. To discuss whether your Leasehold is fit for purpose in the 21st Century contact MG Legal, Conveyancing Solicitors Preston, via email at enquiries@mglegal.co.uk or for Garstang Solicitors contact 01995 602129
Tagged as: Conveyancing, Conveyancing Solicitors Preston, Divorce, First Time Buyers, Garstang Solicitors, Lancaster, Lancaster Law, Longridge, Solicitors in Lancaster, Solicitors in Longridge, Solicitors Preston, Your Local Solicitors
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