Local property law experts weigh in on 'transformative' leasehold reforms

Why it matters: The changes will affect approximately five million leasehold properties across England and Wales, including many in Suffolk, where homeowners currently pay annual ground rent and service charges to freeholders.

The big picture: Housing Minister Matthew Pennycook has committed to making commonhold – where people own their homes without an expiring lease – the default tenure before the next election. The reform package includes:

• Scrapping the "two-year rule" from January, which currently prevents leaseholders from extending their lease or buying their freehold during the first 24 months of ownership.

• Enabling more leaseholders to take over building management by spring 2024.

• Consulting on banning new leaseholds in the second half of 2024.

What they're saying: Christina Greer, Senior Litigation Solicitor at Attwells Solicitors, said:

Opinion

The proposed changes are a positive step towards creating a fairer property market. Many of our clients have experienced challenges with the existing leasehold system and these reforms will provide them with greater control over their homes.

However, campaigners warn the timeline may be too slow. Katie Kendrick, founder of the National Leasehold Campaign, said: "Our main concern now is the fate of existing leaseholders who are currently suffering at the mercy of unregulated managing agents and unscrupulous freeholders."

Between the lines: While the government has promised swift action, not all elements of the 2024 bill will be implemented immediately. Ministers say they have identified flaws that need to be "rectified" to ensure the reforms work as intended.

The bottom line: While local property law experts like Attwells are positioning themselves to help Suffolk residents navigate the changes, questions remain about how quickly these reforms will deliver relief to current leaseholders facing high charges.