Amongst the many contained in the paper – highlights include:
(1) simplifying eligibility criteria & clarifying new rules for service addresses
(2) providing the ability to apply for unlimited lease extensions with no ground rents – similar to flats
(3) abolishing the two year rule
(4) introducing a concept for houses with shared facilities with flats to be part of collective purchase of whole estates
(5) simplifying of the valuation process
(6) the abolition of qualification criteria based on financial limits
This is potentially one of the biggest changes in leasehold for years and there is much to digest from the report. The paper is an important read and gives a flavour of how all things leasehold may come to look in the not too distant future!
The Law Commission are proposing to consult on the proposed reforms in September. Watch this space for more news.
One thing to remember though – not all landlords are landed estates. There are landlords that are Councils, Charities and individuals. Simplification of the valuation process is welcomed but proper thought and consideration does need to be given as to how this affects all types of landlords.