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Good news for leaseholders!  Planned reforms of the leasehold system in England will put a stop to high costs when extending a lease.

The changes being introduced by the Government will enable homeowners to extend their leases by up to 990 years at zero ground rent.

The Government’s proposals should make it easier and cheaper to extend a lease, which will be particularly helpful for those with short leases. The government claim that there will be savings of £8000 – £9,000 for the average leaseholder buying their freehold.

The adoption of commonhold ownership for newbuilds has also been proposed.

For advice on this or any other residential property issue, please contact Emma Liddle, Head of Residential Conveyancing at Mincoffs Solicitors on 0191 281 6151 or eliddle@mincoffs.co.uk

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