On 7 January 2021, the Housing Secretary Robert Jenrick announced that millions of leaseholders will be given a new right to extend their lease by 990 years, as part of large-scale reforms to home ownership
The reforms are expected to include legislation to ban new leasehold homes and reduce ground rents to zero.
The government is also establishing a Commonhold Council – a partnership of leasehold groups, industry and government – that will prepare homeowners and the market for the widespread take-up of commonhold.
“If commonhold is to develop as an alternative to leasehold, then the government must encourage its creation on a much wider basis,” said Law Society President, David Greene.
“Incentives will need to be offered to developers, lenders and buyers if this is to happen. We look forward to contributing to the work of the Commonhold Council.”