Leaseholders in England and Wales to have ground rent capped at £250 a year
AI Summary
The government in England and Wales is proposing reforms to the leasehold system, including capping ground rents at £250 per year for existing leaseholders. The announcement, made by Keir Starmer, aims to reduce costs for homeowners struggling with the cost of living. The proposed changes, to be published in the draft leasehold and commonhold reform bill, also include banning leaseholds for new flats and giving existing leaseholders the right to switch to commonhold, granting them greater control over their properties. Forfeiture, where leaseholders can lose their homes for debts as low as £350, will be abolished. The Residential Freehold Association has criticized the ground rent cap, citing concerns about its impact on investors.
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