The Labour Party have set out their plans to end leasehold ownership of houses and flats. I have recieved 100s of conerns from my constituents regarding leaseholds so I welcome this news greatly.
The next Labour government proposes to:
- end the sale of new private leasehold houses with direct effect and the sale of private leasehold flats by the end of our first term in government
- end ground rents for new leasehold homes, and cap ground rents for existing leaseholders at 0.1% of the property value, up to a maximum of £250 a year
- set a simple formula for leaseholders to buy the freehold to their home, or commonhold in the case of a flat, capped at 1% of the property value
- crack down on unfair fees and contract terms by publishing a reference list of reasonable charges, requiring transparency on service charges and giving leaseholders a right to challenge rip-off fees and conditions or poor performance from service companies
- give residents greater powers over the management of their homes, with new rights for flat owners to form residents’ associations and by simplifying the right to manage