Leaseholders across Keighley and Ilkley will be given the right to extend their lease by a maximum term of 990 years at zero ground rent the Government has announced.
The measures, praised by Keighley and Ilkley MP Robbie Moore, come as part of the biggest reforms to English property law for 40 years, with the core message of making home ownership fairer and more secure.
Under current laws many leaseholders 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.
These changes will mean that leaseholders who choose to extend their lease on their home will no longer pay any ground rent to the freeholder, enabling those who dream of fully owning their home to do so without cumbersome bureaucracy and additional, unnecessary and unfair expenses.
For some across the Keighley and Ilkley constituency these changes could see saving from hundreds to even thousands or tens of thousands of pounds.
Commenting, Robbie Moore said: “Everybody should have the opportunity to own their own home without having to pay excessive fees to freeholders. Therefore, these reforms for leaseholders are a step in the right direction for giving homeowners long term security and peace of mind.
“These changes will mean that any leaseholder who chooses to extend their lease on their home will no longer pay any ground rent to the freeholder, ending the cumbersome bureaucracy and unnecessary and unfair expenses that many Keighley and Ilkley residents currently face.”
Housing Secretary Rt Hon Robert Jenrick MP said: “Across the country people are struggling to realise the dream of owning their own home but find the reality of being a leaseholder far too bureaucratic, burdensome and expensive.
“We want to reinforce the security that home ownership brings by changing forever the way we own homes and end some of the worst practices faced by homeowners.
“These reforms provide fairness for 4.5 million leaseholders and chart a course to a new system altogether.”
