Brokers - how would you fix leasehold?

Leasehold system definately needs a complete re-write, too many ad-hoc changes over the years have made this a legal minefield, and it is no suprise many conveyancers and solicitors are avoiding these cases too. Leases should all be long, so typically 999 years from their start, so we don't have the expense of renewals and the worry that mortgage lenders will reject the property, and the value of the lease is maintained. Ground rent and Service charge costs are the other regular financial pains, they need to unravel escalating cost cluases and give more rights to the leaseholder to manage their local costs.

We normally give a general idea of the difference between freehold and leasehold, and ask about the monthly costs as they do affect the overall affordabilty calculation. the solicitors should be more specific about the property in hand and cover the legal requirements, covenants, etc.

Unless the plan was to makes the changes retrospective this politically motivated announcement was always going to be a damp squib.

Freeholders have profited immensely by charging often high service charges and ridiculous lease extension fees. Leaseholders often pay through the nose to live in their own homes on such disadvantageous terms.

The only change we need is to make lease renewals automatic and perpetual and give the tenants a choice of management companies to administer the block and ensure compliance with the legislation.

Commonhold should be the only new tenure available on new build flats or conversions where the lease is say 999 years and peppercorn rent. The freehold interest should not accrue a value as the lease shortens.

Owners with short leases are effectively prisoners in their properties if they don’t have the means to extend their lease or extend their mortgages.

The marriage value calculations should be capped with regional ceilings