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Law Commission proposes radical reforms for leaseholds of houses and flats

Reforms designed to secure a better deal for leaseholders who want to purchase the freehold or to extend the lease of their home

The Law Commission has published a Consultation Paper on leasehold enfranchisement reform: "Leasehold home ownership: buying your freehold or extending your lease".

The proposals would:

• Make the process (known as "enfranchisement") easier, cheaper and quicker
• Improve and enhance the rights of leaseholders to buy their freehold or extend their lease
• Introduce a simpler unified procedure for houses and flats
• Remove limitations on the right to enfranchise, including the requirement that leaseholders must have owned their property for two years before making a claim

In addition, at Government's request, the Commission has provided options to reduce the price payable by leaseholders to buy the freehold or extend their lease while ensuring sufficient compensation is paid to landlords to reflect their legitimate property interests.

It is said that the proposals, which are now open for consultation would save leaseholders time, stress and money, reducing legal costs and helping to prevent unnecessary disputes.

The consultation closes on 20 November 2018.

For further details and the Consultation Paper click here