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The Leasehold Reform (Ground Rent) Bill was published last Thursday, when implemented it aims to resolve the issue of escalating Ground Rents ✅:

➡ Over 1 million households in the UK are sold as leasehold 🏨
➡ 46%* of leasehold homeowners were unaware of escalating Ground Rents when they purchased their property 🤷‍♀️
➡ Ground Rents in new residential long leases will be £0 for all future leases 🤝
➡ Leaseholders will not face unfair terms or significant Ground Rent liabilities 👍
➡ Government is being encouraged to extend to those who already own a leasehold property 🏢
➡ No further dates are in place for future readings to finalise the legislation as yet 📆
➡ Once Bill is passed, a ‘peppercorn rent’ will come into place (nothing more than a literal peppercorn can be sought from leaseholders!) 🍽

🔍 *Data from Propertymark - read full article here: https://lnkd.in/d-qC55m

🙋‍♀️ If you would like more information on buying a leasehold property, let us know ☕

Posted 17 May 2021
by Ali Baylav Managing Director Cavendish Residential

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