The UK Government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier to access low-cost, low-deposit finance such as 95 per cent mortgages.
The Leasehold Reform (Ground Rent) Act 2022 restricts ground rents on newly created long residential leases for single dwellings such as a flat or house to a token one peppercorn per year, effectively restricting ground rents to zero financial value.
The Queen’s Speech, delivered today, 10 May 2022, focused on the scale of challenges facing the UK cost of living and energy crises, EU legislation still to be removed from the statute books and the impact of the war in Ukraine.
The UK Government’s ban on charging ground rent on new leases in England and Wales will come into force on 30 June 2022.
The UK Government has today, 13 April 2022, revealed a wide-ranging agreement that will see industry contribute £5 billion to address the building safety scandal.
Over 3,400 leaseholders’ ground rents will now remain at the amount charged when their home was first sold as 15 businesses have agreed to remove costly terms.
The Levelling Up Committee’s Report highlights too many leaseholders will fall through the cracks of the UK Government’s ‘piecemeal measures’ to protect leaseholders from the costs of building safety remediation.
During the Levelling Up, Housing and Communities Committee session on building safety remediation and funding, Michael Gove — Secretary of State for Levelling Up, Housing and Communities — confirmed leaseholders who own “a string of properties” would not be protected.
New powers announced by the Secretary of State for Levelling Up, Housing and Communities will allow cladding companies to be sued and subject to fines for defective products, as protections for leaseholders are extended.
Rt Hon Michael Gove MP, Secretary of State for Levelling Up, Housing and Communities has given the Financial Conduct Authority (FCA) six months to review the buildings insurance market for multiple-occupancy residential buildings.
In a letter to Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, Propertymark is seeking urgent clarification that financial support to fix dangerous cladding will be made equally available to all affected leaseholders, including buy-to-let landlords.
The UK Government has launched a consultation seeking views on Law Commission proposals to allow more residential leaseholders in England and Wales to buy the freehold of their property or take over the management of their buildings.
The Secretary of State for Levelling Up, Housing and Communities (DLUHC), Michael Gove MP, has today, 10 January, announced an overhaul to the Government’s approach to building safety.
Major concerns for the property sector have been reiterated in letters issued by Propertymark to outline actionable points for levelling up our country and communities.
Clauses which see ground rents doubling in price every ten or fifteen years are to be removed from contracts supplied by Countryside Properties (Countryside).
The Competition and Markets Authority (CMA) has announced progress for groups of existing leaseholders, as a result of their investigations.