MBL: Leasehold Reform

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 20 January 2021

⏱️ 34 minutes

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Summary

What could the new plans for leasehold reform mean for you? Housing Secretary Robert Jenrick has announced what he calls the biggest reforms to English property law for 40 years, making it easier and cheaper for leaseholders to buy their freehold or extend their lease and introducing Commonhold tenure.

On Wednesday's programme Felicity Hannah and guests take a look at the new proposals and ask how the system works in Scotland, where leaseholds were abolished in 2004. On the panel:

Alan Cook, Partner, Pinsent Masons, Glasgow Sebastian O’Kelly, CEO, Leasehold Knowledge Partnership Dona Awano, Solicitor, Commonhold and Leasehold Experts Limited

We'd love to hear your questions and experiences so e-mail [email protected] now to join the conversation.

Presenter: Felicity Hannah Producer: Diane Richardson Editor: Rosamund Jones

Transcript

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0:35.0	check out BBC Sounds.
0:41.2	BBC Sounds, music, radio, podcasts.
0:44.9	Welcome to the download of Moneybox Live, the program about your money.
0:49.1	Leasehold laws in England and Wales mean that you can buy a home, pay off its mortgage,
0:51.9	and still not actually have the right to live there forever.
0:54.6	The number of new-billed houses and flats sold as leasehold has been growing. In fact, there are 4.3 million leasehold homes in England alone. Some of
1:00.9	those leaseholds are working well, but some homeowners face rapidly rising ground rents on top of
1:06.0	their mortgages and high costs to extend leases or buy the freehold themselves. One minister called it practically feudal.
1:13.6	Now reforms are coming for homeowners in England.
1:16.6	Millions of leaseholders will be given new rights to extend their lease by up to 990 years at zero ground rent
1:22.6	and to put an end to prohibitive charges.
1:24.6	The Welsh government says that while it's not possible to bring forward legislation at the moment, they are looking at options for change. In Northern Ireland,
1:31.6	the creation of new leases and ground rents for houses hasn't been allowed since 1999. Scotland
1:36.7	reformed its rules back in 2004, so we're going to take a look at what they did there.
1:41.8	What will the changes mean for you? We have a panel of experts
1:46.0	ready to answer your questions. Just email Moneybox at BBC.co.com. And let's meet those experts.
	...

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