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Concerns were raised about the absence of central elements of the promised reforms when the Bill was first introduced to Parliament in November 2023. The UK Government said it would bring in amendments as it made its way through the Parliamentary process, but whilst a ban on new leasehold houses is now added, Housing Minister Lee Rowley, MP, stated restrictions on ground rent are still being considered.
If the Leasehold and Freehold Reform Bill becomes law, it’s expected that the sales market for leasehold properties will be reinvigorated. Leasehold is a complex area and can be intimidating for agents and consumers, so what are the fundamentals of the current situation, and how will this change if the Bill is introduced?
The UK Government should take advantage of the momentum in leasehold reform to stamp out ground rents, invigorate property sales, and promote professional management of leasehold property by qualified and regulated agents.
Matthew Pennycook, MP, has put forward an amendment which would lead to implementation of the Regulation of Property Agents working group report within 24 months of the Leasehold and Freehold Reform Bill becoming law, whilst Martin Boyd, Chair of the Leasehold Advisory Service, lent his full support to the statutory regulation of agents, stating that it is ‘simply wrong’ that there are no qualification requirements for private sector property managers.