Many landlords are struggling to sell leasehold flats because management charges have reached astronomical levels with many now forking out £2,000 or more a year.
Landlords who have properties within ‘problem’ leasehold blocks have been given some good news following housing minister Matthew Pennycook confirmation that Labour will ‘end leasehold’ and make commonhold the ‘default’ tenure before the end of this parliament.
Property experts have warned that Labour’s promise to finish the job of ending the “feudal” leasehold system could complicate leaseholders’ situation.
Five new housing ministers have been tasked with helping the government deliver homes and reform the PRS – and one of them is a landlord.
A legal expert has warned that an amendment to the recently-passed Leasehold and Freehold Reform Act that raises the 25% non-residential limit in collective enfranchisement claims to 50% will have serious consequences for mixed-use developments.
