Here at Askews Solicitors, we know the importance of keeping up with legal developments in order to offer our clients the very best advice and service.
A recent development has been to Leasehold properties by the introduction of the Leasehold Reform (Ground Rent) Act 2022 that came into force on 30th June 2022.
The Act aims to make home ownership of leasehold properties more transparent and fair. One of the aims of the Act is to put an end to ground rent for most new long residential leasehold properties in England and Wales. Ground Rent is a rent that is usually paid each year by owners of a long residential lease to their landlord. Under the new Act, where a premium is paid for a new lease, the rent payable to the landlord may not exceed more than a peppercorn (a very low or nominal rent).
This is good news for anyone entering into a new long residential lease or matters involving voluntary lease extensions.
Should you require any advice regarding this recent development, please do not hesitate to contact Askews today to speak to our Property department on 01642 475252.