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Leasehold & Freehold Bill – Progress Through UK Parliament
A ban on new leasehold houses and limits on ground rent for new flats are contained in the long-awaited and eagerly awaited Bill. This Bill hopes to make selling quicker and easier.
It is now clear to the UK Government, that the leasehold system is unfair and outdated, this forms part of their long-term plan for housing and it is hoped to deliver significant new rights and protections, limit unfair costs and crack down on exploitation.
Key features of the Bill
The headline content is already known, after it was announced in the King’s Speech on 7 November 2023.
- An increase in the standard lease extension from 90 years (or 50 years in flats) to 990 years
- Greater transparency over service charges by making freeholders or managing agents issue bills in a standardised format that is clearer and easier to challenge
- Making it easier and cheaper for leaseholders to take over the management of their property
- Scrapping the presumption that leaseholders pay their freeholders' legal costs when challenging poor practice
- Banning opaque and excessive buildings insurance commissions for freeholders and managing agents
- Removing the requirement for a new leaseholder to have owned their house or flat for two years before they can extend their lease or buy their freehold
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The Decent Homes Standard
There are new proposals to improve tenants' living standards as part of the Renters (Reform) Bill.
The Decent Homes standard sets the minimum standards for social housing. In November 2023, the government put forward a proposal to introduce a Decent Homes Standard to the private rented sector for the first time.
Here's what we know so far.
- What is the Decent Homes Standard?
- What does "decent" mean?
- How is the Decent Homes Standard currently assessed?
- When will a Decent Homes Standard be applied to the private rented sector?
- How many private rented properties meet the Decent Homes Standard?
- How much will it cost landlords to upgrade their properties?
- How will the property portal help ensure compliance with the Decent Homes Standard?
- How will the standard be enforced?
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Autumn Budget 2023: 7 Key Takeaways
This year’s Autumn Statement 2023 includes more than 110 measures to help boost the British economy, covering a huge array of topics.
Here are the 7 top takeaways relating to the property industry:
- Local Housing Allowance increases to support lower income tenants.
- Self-employed landlords and letting agents receive tax cuts.
- Measures to support increased homebuilding may alleviate pressures on the sector.
- Further opportunities for property developers, including converting houses to flats.
- Smaller agencies to benefit from business rate relief.
- Higher wages for lower earning tenants and property professionals.
- One pension pot for life to affect entire rented sector.
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The bill has generated diverse responses from both parliament and the private rented sector. The main headline in the media has been the proposed abolition of section 21 (so-called "no fault" evictions).
However, there are many other significant proposals - such as the move to rolling, periodic tenancies, new rules for pets in lets, a new property ombudsman, and a new property proposal.
This guide to the Renters (Reform) Bill covers:
- What is the Renters (Reform) Bill?
- Why is the Renters (Reform) Bill being introduced?
- How do letting agents and landlords feel about the changes to come?
- What stage is the Renters (Reform) Bill at?
- What's included in the Renters (Reform) Bill?
- Future proposed changes for the private rented sector
Read this guide to find out more about the headlines of the bill.
