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The King’s Speech 2024
Residential property management points of interest from The King's Speech 2024, which was given in the House of Lords on Wednesday 17th July 2024.
Draft Legislation Will Be Published on Leasehold and Commonhold Reform
"The Government will act quickly to provide homeowners with greater rights, powers and protections over their homes by implementing the provisions of the Leasehold and Freehold Reform Act 2024.
The Government will further reform the leasehold system, enacting remaining Law Commission recommendations relating to leasehold enfranchisement and the Right to Manage, tackling unregulated and unaffordable ground rents, and removing the disproportionate and draconian threat of forfeiture as a means of ensuring compliance with a lease agreement.
The Government will take steps to bring the feudal leasehold system to an end, reinvigorating commonhold through a comprehensive new legal framework and banning the sale of new leasehold flats so commonhold becomes the default tenure."
Draft Leasehold and Commonhold Reform Bill
What does the draft Bill do?
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The Government will take steps to bring the feudal system of leasehold to an end and reinvigorate commonhold by enacting remaining Law Commission recommendations to bolster leaseholders’ fundamental rights to extend their lease and buy their freehold (enfranchisement), and take over the freeholder's building management functions (Right to Manage).
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Reinvigorating commonhold by modernising the legal framework and restricting the sale of new leasehold flats. The Government will consult on the best way to achieve this so that generations to come will benefit from absolute home ownership.
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Tackling existing ground rents by regulating ground rents for existing leaseholders so they no longer face unregulated and unaffordable costs.
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Bringing the injustice of ‘fleecehold’ private estates and unfair costs to an end – the Government will consult on the best way to achieve this and implement new protections for homeowners on private estates in the Leasehold and Freehold Reform Act 2024.
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Ending the injustice of forfeiture so that leaseholders are protected against losing savings they have in their home for potentially small unpaid debts.
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In addition, the Government will implement the Leasehold and Freehold Reform Act 2024 so that leaseholders can benefit from more rights, power and protections over their homes.
Is this Good or Bad?
The view here at Casserly Property Management is these proposed changes will further add to the rights of leaseholders - which we consider to be good for them and good for proactive, transparent property management. And as we provide proactive, transparent property management - we support this direction of travel.
Having said that, the devil will be in the details. So, we'll have to digest those details as and when the Government publishes further information.
Watch this space!
If you have questions, queries or concerns about the proposals outlined in The King's Speech 2024, do not hesitate to ...
Best wishes,
Paul
Paul Casserly
Casserly Property Management
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