UK Government Announces Leasehold Reforms to Aid Struggling Homeowners
The UK government, led by Housing Minister Matthew Pennycook, has unveiled a timetable for overhauling the leasehold system, aimed at transforming commonhold into the default property tenure. While campaigners express concern that the reforms may be too late for current leaseholders facing financial distress, the Government is committed to implementing key elements of the Leasehold and Freehold Reform Bill and plans to ban new leaseholds following consultations. With approximately five million leasehold properties affected, the reforms aim to address issues such as excessive ground rents and service charges.