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  • Overview

    The Leasehold Reform (Ground Rent) Bill was introduced to Parliament on 12 May 2021, with the intention of reforming the current legislation to make it easier and less costly for residential leaseholders to extend the term of their lease and/or to acquire the freehold. 

    In recent years many leases have included higher annual ground rents as well as provision for the rent to be reviewed at regular intervals. The leaseholder, having already paid a premium for the lease, is then faced with an escalating annual ground rent which can often make it difficult to mortgage the property or sell it going forward.

    The purpose of the Bill is to make leasehold ownership fairer and more affordable for leaseholders by restricting the annual ground rent payable to a peppercorn or nil.

    The Bill makes provision for leaseholders to recover unlawfully charged ground rent plus interest through the First Tier Tribunal. Further, the Bill places a duty on trading standards authorities in England and Wales to take enforcement action where a prohibited rent has been charged.  Where a breach occurs, the enforcement authority has power to impose a financial penalty subject to a minimum of £500 and a maximum of £5,000. 

    The Bill is the first part of two part legislation to reform the leasehold system.  We await the second part which aims to make the statutory process for enfranchisement and lease extension easier and more affordable.

    If you have any questions about how the Bill may impact you. Please get in touch with our team of expert lawyers info@ts-p.co.uk.

    This article first appeared in The Wealden Times

  • Related Services

    Property disputes including landlord & tenant

    The property world is highly diverse meaning disputes can arise in all shapes and sizes. Our team of property dispute lawyers pride themselves on their versatility to act for all types of clients, discussing their problems in clear language without unnecessary legal jargon in order to get the result they want. We don't impose standard solutions but our extensive knowledge of the property landscape means that we can give well informed advice geared to our clients’ specific needs both present and future.

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