Matthew Pennycook, the housing minister, has committed to abolishing the leasehold system in England and Wales by the end of this parliamentary session. This move aims to address longstanding issues faced by leaseholders, including high service charges and poor building conditions. The government plans to introduce a commonhold white paper that would facilitate joint ownership among homeowners and propose measures to outlaw new leasehold developments. Pennycook remarked on the ambition of this reform as a radical change to a system rooted in feudalism, aimed at providing fairer housing rights.
Pennycook claims that abolishing the leasehold system will have a lasting impact, describing it as a feudal right that creates unfairness for leaseholders.
The proposed commonhold white paper will aim to facilitate joint ownership among homeowners, enhancing their decision-making power regarding their residences.
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