Nearly 4.5million leaseholders in England will be ‘tens of thousands of pounds’ better off as a result of laws to be unveiled today by the Housing Secretary.
Robert Jenrick said his attempt to make it cheaper and simpler for leaseholders to buy their properties is the biggest property law reform since Margaret Thatcher’s right-to-buy revolution in the 1980s.
Ground rents will be scrapped for millions with a new right to extend leases to 990 years. They will also be reduced to zero on all new retirement homes.
The Government said the changes ‘could save households from thousands to tens of thousands of pounds’.