Today, the Housing Secretary Robert Jenrick has announced that in the next Parliamentary session, the laws relating to the extension of leases in respect of both flats and houses will be varied, to enable the process to become simpler, cheaper, and ultimately fairer for leaseholders.
The indications in the announcement today, are that under the changes to legislation, leaseholders of both flats and houses, will be able to extend their lease up to a maximum term of 990 years, at zero ground rent. Presently, leaseholders of flats can extend the lease up to 90 years with a zero ground rent, but for houses, leases could only be extended once for a period of 50 years, with some ground rent payable.
This will place leaseholders of houses and flats in the same position, and ultimately, will make the process simpler for those wishing to progress in relation to either transaction.
Most importantly however, is the indication that the legislation, will remove onerous provisions such as marriage value, making it much easier and cheaper the leaseholders to extend.
Should you have any queries in relation to the extension of your lease, please do not hesitate to contact Lorraine Lancaster on [email protected] or Lucy Grunwell on [email protected] (both being available on 01702 662963).
This article does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. If you require specialist advice on this topic, please contact us to discuss how we may assist you.
