Is Leasehold Going To Be Abolished?: The King's Speech formally announced changes that could lead to leasehold reform, affecting the entire property market. In a recent video, I explain the proposed changes, and what they could mean for you!
If you want to find out exactly what the government has planned for leasehold property, make sure to watch this one until the end. You can watch the full video at the top of this page, or on YouTube.
If you watch the video on YouTube, let me know what you think of these plans for leasehold property by leaving a comment under the video. Do you support these proposals? Do they go far enough? Let me know what you think!
Is leasehold going to be abolished? Well, it seems that it is going to be reformed, and abolished in the case of new flats.
You can learn about the government’s full plan for leasehold properties in the video. In this article, I will explain 3 of the major changes to leasehold property in the government’s proposal. This will give you some things you should be preparing for as a property investor.
This article is commentary on possible changes to the law, based on my understanding of current proposals. There is no guarantee they will happen, nor the form they will take. I am not a lawyer, and this isn’t legal advice. Always get advice from a relevant professional before taking any action.
I want people to get accurate information about the government’s plans for leasehold property. I want people asking ‘is leasehold going to be abolished?’ to be able to find simple, clear answers. That’s why I wrote this article. However, I need help getting it out to landlords.
Please can you do me a favour? Please share this article on your social media pages. This will help get this blog post into the hands of people who could benefit the most from it. Sharing our content makes a big difference, so thank you to everyone who does!
1. Is Leasehold Going To Be Abolished?: No New Leasehold Flats!
New flats will be commonhold. That means the owners of the flats will each own a share of the building and the land, rather than simply having a long-term lease. This, however, will not apply to existing flats.
2. Is Leasehold Going To Be Abolished?: Making It Easier To Convert Flats To Commonhold!
For existing flats, the government plans to make it easier to convert them to commonhold. While it is currently possible to do, it is extremely hard in practice. This is because under existing rules it requires unanimous agreement from all the leaseholders and their mortgage lenders!
3. Is Leasehold Going To Be Abolished?: Reforming Ground Rent And Service Charges!
Ground rent will be capped at £250 per year under these proposals. Service charges are also going to be reformed, with a view to making them fairer and more transparent.
These changes should help prevent ground rents and service charges exceeding the limits set by mortgage lenders. This is an important change, as the increase in these charges has left some flats extremely hard to finance.
Is Leasehold Going To Be Abolished?: Either Way, You Can Profit From Property!
Is leasehold going to be abolished? It looks like the government plans to reform it in some major ways. However, no matter what happens, you can profit from property if you know how! I can teach you. Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
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The SECRETS to becoming a successful property investor​​​​​​​
     Get immediate and actionable insights to accelerate your property investment journey.
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How to LEVERAGE other people's money to get started​​​​​​​
     Begin to understand the strategies to use to reduce the barriers to getting started.
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How to FIND fantastic property opportunities
     Understand where property professionals source the best deals.
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How to RECYCLE your money again and again
     Don't just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
