The Housing Secretary, Robert Jenrick, recently announced that both house and flat leaseholders will be given a new right to extend their lease by 990 years and not have to pay any ground rent. These planned changes could help make it cheaper and easier to to extend your lease.
When will the leasehold extension rules be changed?
There’s no exact date for when the changes will come in yet, but the government says it hopes to pass the relevant legislation as soon as possible.
The government estimates is the changes could save leaseholders between £1,000 – £10,000. Therefore, if you’re considering extending your lease you may want to think about waiting for the changes to be passed before you proceed.
The government are also considering changing how the costs to extend leases are calculated and providing an online calculator to help calculate costs too. Find out more about the government’s reform plans.
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Please contact us and ask to speak to a member of the Home Ownership team if you’d like to discuss your options further.