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The Law Commission has opened the consultation on its proposed series of radical reforms designed to provide a better deal for leaseholders who want to purchase the freehold or extend the lease of their home.
The Commission outlined its proposals earlier this year but has now published its consultation paper and is inviting responses by the deadline of 20 November 2018.
Its proposals aim to:
The Law Commission has opened the consultation on its proposed series of radical reforms designed to provide a better deal for leaseholders who want to purchase the freehold or extend the lease of their home.
The Commission outlined its proposals earlier this year but has now published its consultation paper and is inviting responses by the deadline of 20 November 2018.
Its proposals aim to:
■ make the process of enfranchisement easier, cheaper and quicker;
■ improve and enhance the rights of leaseholders to buy their freehold or extend their lease;
■ introduce a simpler unified procedure for houses and flats;
■ remove limitations on the right to enfranchise, including the requirement that leaseholders must have owned their property for two years before making a claim.
In addition, at the government’s request, it has provided options to reduce the price payable by leaseholders to buy the freehold or extend their lease, while seeking to ensure sufficient compensation is paid to landlords to reflect their legitimate property interests.
The Commission says that, while many of its proposed changes would primarily benefit leaseholders, others would benefit landlords. It adds: “We also think that the introduction of a simpler and more efficient regime will benefit landlords as well as leaseholders.”
