"Time for Government to stop tinkering around the edges and scrap leasehold altogether. At 7am Keir Starmer announced a decision that will benefit millions of leaseholders. Ground rents are being capped at 250, which means that anyone paying more than that will save money. Perhaps more significantly, this will protect leaseholders living in properties where ground rent charges soar over time, making their homes hard to sell."
"The proposal is in a draft commonhold and leasehold reform bill. While this may sound like a cost of living policy announcement of no particular interest to people who are not leaseholders, it is actually quite an important revealed preference moment for the Guardian. This announcement has been held up for months and months because of lobbying from the financial sector (channelled through the Treasury), who have argued that capping ground rents will hammer property investors."
"If Labour cannot fix such an obvious injustice and show families whose living standards have been crushed that we will fight for them, then we shouldn't be surprised if they lose faith that anything can change. This battle is a symbol of so much more. It is about whose side we are on, and who we are in government to fight for."
Keir Starmer announced a cap on ground rents at 250 as part of a draft commonhold and leasehold reform bill, which will reduce costs and protect leaseholders from escalating charges that hinder sales. The proposal applies to existing as well as new agreements, prompting threats of legal action and prolonged delay due to lobbying by the financial sector via the Treasury. The measure signals a choice in favour of leaseholders and younger buyers over investor interests and pension funds tied to leasehold investments. The Green party calls for going further by abolishing leasehold entirely to remove the systemic injustice.
Read at www.theguardian.com
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