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NO MORE LEASEHOLDS FOR HOUSES - Kings Speech Recap

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Rob recaps the key points from the recent King's speech, focusing on housing-related announcements. The first major point is the introduction of a new leasehold and freehold bill, which will ban leaseholds for new houses in England and Wales. Additionally, the standard lease extension period will be increased to 990 years. Rob talks about the potential benefits of these changes, such as providing clarity and security for homeowners. 

KEY TAKEAWAYS

  • The King's speech announced a new leasehold and freehold bill that will ban leaseholds for new houses in England and Wales, while increasing the standard lease extension period to 990 years. This aims to provide more clarity and security in the property market.
  • Banning leaseholds for new homes is seen as a positive move for the property market, as it eliminates potential issues with leases and ground rent. However, it is not expected to have a significant impact on flats, which are commonly leasehold.
  • The extension of lease periods to 990 years presents an opportunity for buyers to acquire properties with shorter lease terms at discounted prices and then extend the lease, adding value and ensuring long-term security.
  • The Renters Reform Bill, mentioned in the King's speech, will eventually ban no-fault evictions in England. However, this will only come into force after reforms to the court system, which could take a considerable amount of time.

BEST MOMENTS

"I do think banning leaseholds for new homes is probably a good thing." 

"It's tidying up the system a little bit... You've added value and you've got a bit more of a long-term security when it comes to that flat." 

"The Renters Reform Bill, it will come into law at some point... but it will only come into force after reforms to the court system." 

"From a landlord's point of view, it's an absolute pain in the backside."

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ABOUT THE HOST

Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.

BOOKS 

Property FAQs = https://amzn.to/3MWfcL4  

Buy To Let: How To Get Started = https://amzn.to/3genjle  

101 Top Property Tips = https://amzn.to/2NxuAQL  

WHERE TO FIND US

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