The Labour Party have set out their plans to end leasehold ownership of houses and flats. I have received 100s of concerns from my constituents regarding leaseholds so I welcome this news greatly.
The next Labour government will:
end the sale of new private leasehold houses with direct effect and the sale of private leasehold flats by the end of our first term in government
end ground rents for new leasehold homes, and cap ground rents for existing leaseholders at 0.1% of the property value, up to a maximum of £250 a year
set a simple formula for leaseholders to buy the freehold to their home, or common-hold in the case of a flat, capped at 1% of the property value
crack down on unfair fees and contract terms by publishing a reference list of reasonable charges, requiring transparency on service charges and giving leaseholders a right to challenge rip-off fees and conditions or poor performance from service companies
give residents greater powers over the management of their homes, with new rights for flat owners to form residents’ associations and by simplifying the right to manage