HUNDREDS of people in Redditch are set to benefit from new property reforms after the government announced changes to England’s controversial leasehold system.
Leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent.
The government believes the changes will save leaseholders ‘tens of thousands of pounds’.
Currently, many people face high ground rents, which combined with a mortgage, can make it feel like they are paying rent on a property they own.
Freeholders can increase the amount of ground rent with little or no benefit seen to those faced with extra charges.
It can also lengthen and lead to increased costs when buying or selling the property.
The changes, welcomed by Redditch MP Rachel Maclean, will mean any leaseholder who chooses to extend their lease on their home will no longer pay ground rent to the freeholder.
It will enable people who dream of fully owning their home to do so without cumbersome bureaucracy and additional, unnecessary and unfair expenses.
“This is an issue a number of constituents have contacted me about over the years and so I’m glad the government is acting,” said Mrs Maclean.
“These reforms will make it cheaper and simpler for leaseholders to buy their own properties, making home ownership fairer, more secure and more accessible for my constituents.”
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