Tony Hymers’ Post

As suspected, the Leasehold and Freehold Reform Act is just the start. Draft legislation on leasehold and commonhold reform is incoming from The Labour Party. Will this mean the end of the ‘mediaeval’ leasehold system? We will have to wait and see. #kingsspeech #lfra #labour #residentialproperty #leasehold #commonhold

The UK has enacted significant leasehold reforms through the Leasehold and Freehold Reform Act 2024, which received Royal Assent on May 24, 2024. This legislation introduces a series of changes aimed at improving the rights and protections of leaseholders in England and Wales. Read our update for the key provisions here > https://buff.ly/3x4ujPG #LeaseholdReform #Residency

The recent House of Lords debate on the Leasehold and Freehold Reform Bill highlighted opportunities to strengthen protections for leaseholders. Jane Canham, consultant in our residential estate team, lists the key themes of the speeches.��  #PropertyManagement #RealEstate #leaseholdreform

Further reforms to the leasehold system in England and Wales have been long anticipated and the Bill will bring much needed protections for leaseholders. Propertymark will support the UK Government to ensure the specific details work in practice, whilst ensuring property agents understand the changes. It is also important implementation is well planned and managed as these reforms are significant and must ensure no leaseholder is left behind. https://lnkd.in/gwHDeK3d

Micheal Gove MP defended criticism that the Leasehold and Freehold Reform Bill didn't go far enough by saying the deliberately tight focus would ensure there was enough time to deliver it in this Parliament. #Leaseholders are promised: 👉 Transparency over service charges ✔️ 990-year standard lease extensions 🏡 Cheaper and easier enfranchisement The Bill will now move to the Committee stage, where it will be examined line-by-line and amendments considered. Read more about the debate ▶️▶️ https://ow.ly/VnpF50QhQ7f

A key policy objective of the new Leasehold and Freehold Reform Bill is to make it cheaper and easier for people to extend their leases and buy their freeholds. However, the legislation is deafeningly silent on the prescribed rates that will dictate the cost of doing this. Instead, it delegates this important task to the Secretary of State. https://lnkd.in/erukRzK7

In Roger Margand's latest #Commercial Update, he looks at the proposed Leasehold and Freehold Reform Bill, which represents the second stage in reforms already introduced in the Leasehold Reform. Read here: https://lnkd.in/eWRjYmfr

The Leasehold and Freehold Reform Bill, alongside other proposed #housing legislation, will bring huge change to the way people buy, sell, rent and live in property. It doesn't make sense that there are still no minimum standards to work in the #propertysector and there are no statutory rules to ensure #estateagents, #lettingagents, #propertymanagers and other #propertyagents are suitably qualified. 📢📢That's why we've been extensively lobbying the UK Government on this issue and why we're very pleased to see Matthew Pennycook, MP, table an amendment that would see RoPA in place within 24 months of the Leasehold Bill becoming law. Read more about our campaigning and what we'd like to see included in the Bill ▶️▶️ https://ow.ly/oHJT50QsczR

Labour's swift action has calmed fears in the residential sector by confirming no rent caps will be introduced. The Treasury aims to reform the private rented sector and strengthen renters' rights. The future of leaseholds remains uncertain, with Labour pledging action that could impact £30bn in investments. Oliver Shah urges a pragmatic approach to avoid prolonged litigation and disruption. #UKRealEstate #InvestmentTrends #MarketStability

The newly passed legislation is not without flaws, but it initiates much-needed reforms to outdated and inadequate laws. When implemented, these new laws will make lease extensions more common and increase transparency around leasehold property information, simplifying the buying, selling, and renting leasehold properties. What impact will these changes have on the leasehold property market? https://lnkd.in/et3pAqwg #legislation #housing #leasehold