There is an urgent need for clarification on the ground rent reform, as Greycoat specialists comment. The idea to ban leasehold sales is welcome but the ground rent reforms should be announced in order for everyone to know what is happening on the market.
The Law Society of England is supporting the bill, which seeks to bring regulations restricting new leasehold houses, Greycoat furthermore explains. The provisions suggest that leasehold will be allowed only in exceptional circumstances, but moving forward, every new house in England and Wales will be freehold from the start.
One will need to give compelling reasons to justify leasehold tenures. Greycoat Real Estate suggests that the proposal to amend the freehold law will make it easier for managed estates to be sold.
Also, the bill should provide information on the service charges and the information needed when buying or selling a home. The government should be steadfast in the move to clear speculation regarding ground rent since there is a lot of uncertainty for those in the sector. Agents such as the ones at Greycoat will be in charge for this reform to be accurately applied.
It should bring forward the intended amendments to allow the stakeholders to scrutinize the process. The government needs to look at the retrospective provisions when drafting regulations for the existing leaseholds. The provisions of the Bill will play a vital role in regulating residential leases in the future. As such, Greycoat finally states, the leasehold reform will offer much-needed clarity on the real estate industry moving forward.