LEASEHOLD AND FREEHOLD REFORM BILL PASSED

Arla /Propertymark (Asssosiation of Residential Letting Agents) has just informed us that the Leasehold and Freehold Reform Bill passed last night as part of the 'wash-up', as the House of Lords dealt with Bills prioritised with cross party agreement, following the announcement of the General Election on Wednesday.

Contributors to the debate repeatedly expressed frustration with the limitations of the Bill and concern that key areas that Ministers claimed the legislation would address, were not included in the final version of the Bill.

Propertymark has long campaigned for Leasehold reform. Evidence based on member research illustrates that the majority of leaseholders regret buying a leasehold property. Furthermore, agents confirm that complex leases as well as escalating ground rents make leasehold property difficult and at times impossible, to re-sell.