Rob delves into the complexities and issues surrounding leasehold properties in England and Wales. He highlights the challenges faced by leaseholders, such as escalating ground rent and service charges, as well as the low threshold for repossession if payments are not made. Rob also touches on the proposed Leasehold Reform Bill, which aims to ban the creation of new leasehold houses and make it easier for leaseholders to buy their freeholds. 

KEY TAKEAWAYS

• The government is considering the Leasehold Reform Bill to ban the creation of new leasehold houses in England and Wales and make it easier for leaseholders to buy their freeholds.
• Currently, a leasehold property can be repossessed if the leaseholder owes as little as £350, which is considered a low amount and needs to be increased.
• It is crucial for individuals considering buying a leasehold property to conduct thorough research, especially regarding ground rent and service charges, and to engage a solicitor to review all agreements.
• Freeholders are urged to set fair charges and not take advantage of leaseholders, as unethical practices can tarnish the reputation of the housing market.

BEST MOMENTS

"A freehold basically means that you own the land that the buildings are on, and therefore you've pretty much got the right to do what you need and want to do."

"£350 is what is all it takes at the moment for a property to potentially be repossessed if that's what the leaseholder owes. And that's not good."

"Leasehold houses, modern leasehold houses, are just a bad idea in general, because people, if you're buying, especially if you're buying a house, and it's leasehold, that to me just spells danger."

"The Leasehold Bill, it's making its way through Parliament. This would ban the creation of new leasehold houses in England and Wales. It would also make it easier for leaseholders to buy their freeholds."

"From a freeholder point of view, dear freeholders, I understand there's a lot of things, costs out there, but do not rip people off because this is then painting everyone in a bad light."

VALUABLE RESOURCES

https://www.msn.com/en-gb/money/other/new-5-000-deposit-mortgage-allows-homeowners-to-borrow-up-to-99/ar-BB1kAyPG?cvid=a8d56fce268a490ed6c3e1a701b2dae2&ocid=winp2fptaskbar&ei=5&sc=shoreline 

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