Millions of leaseholders will be given the right to extend their lease by up to 990 years at zero ground rent under new measures to make the system fairer for homeowners.
Housing Secretary Robert Jenrick said leaseholders stand to save tens of thousands of pounds under new reform plans. Current laws allow freeholders to increase ground rent charges with little or no benefit to residents.
It means many people are paying eye-watering ground rents, which combined with a mortgage, can make it feel like they are paying rent on a property they own.
It can also lengthen and lead to increased costs when buying or selling their property. Today’s changes will mean that any leaseholder who chooses to extend their lease on their home will no longer
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