Leasehold Reform Update – Michael Gove Puts Plans on Hold

Thursday, 11th May 2023
Leasehold Valuations

Despite the Secretary of State for Levelling Up, Michael Gove, stating in January 2023 that he wished to “abolish the feudal leasehold system” it is reported today that this will be significantly scaled back as “there is not enough time before the next General Election”.

Leaseholders across the Country have been hopeful that the Government would follow through on the Law Commission’s recommendations that would have made lease extension and freehold enfranchisement far simpler and could have slashed costs by around half.

Instead the focus will shift to the Renters’ Reform Bill with much lower ambitions such as a cap on ground rents (which could lower premiums for properties with very onerous rents), powers to allow leaseholders to chose their own management companies and banning leaseholders incurring freeholders’ costs for disputes (still very unclear whether this would apply to a leasehold reform extension or enfranchisement claim).

The promise of such huge reforms, have given some leaseholders on short (sub 80 year) leases the option of waiting it out to see if premiums would fall and whilst this is still a possibility after the next General Election (no later than 28 January 2025) for now, it is very much business as usual.

Our surveyors at Peter Barry handle hundreds of lease extension cases per year and save clients thousands of pounds in negotiations. If you would like some free and impartial advice please either email or call on 020 8360 7615. We will be happy to help.

Justin completed a level 2 survey plus valuation for us recently of a 1980’s 3 bed house. The report was provided promptly and gave us the detailed information we were looking for. Thumbs up also for Jaynell and Maianh for their courteous and efficient service.
We had a great experience with Peter Barry Chartered Surveyors. While their pricing was higher than other RICS Level 3 quotes we received, the depth and detail of their survey made it well worth it. They identified issues that are potential bargaining points in our property negotiations. A big thank you to our surveyor, Justin, for his thorough work, and to Jaynell for seamlessly facilitating the process.
We needed to get a party wall agreement very quickly to prevent works having to stop after our surveyor had to pull out due to illness. We contacted Peter Barry and were able to get a site visit and agreement wrapped up within two weeks. The service was excellent and we were able to start working on our property without delay. Would highly recommend
Bawor, Trina and Team have been amazing from start to finish with the Party Wall matter for my house. Bawor answered all my questions and kept me fully informed throughout the process. I had no worries and felt confident that everything was being handled properly and professionally. I never had to wait, as the team was incredibly responsive, whether by phone or email. Thank you to the team for all your hard work.
I am using Peter Barry to assist with my lease extension application. Although still very early on in the process, I am very happy with the service I have received to date
Every member of staff in this company dealt with our query in a professional,efficient,polite manner.Matthew Price ,the surveyor,
clarified all the issues around Party Wall Awards and we feel reassured that we have all the information required when the work begins.Highly recommend this company.
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