Good news for any flat owners in the UK 🇬🇧
The leasehold and freehold reform act 2024 is passed and waiting to be implemented by 2025/2026
This will take power away from the landlords and pass it to the flat owners
Discussion
Aren't landlords the owners?
I think he means the land owner ,in the UK houses and apt flats can be owned but the ground their built on can be owned by landlord and you'd have to pay ground rent or lease the land but I'm not 200 percent on that 🤷
Yeah so in the UK the freeholder owns the land and the building and the leaseholder owns just the flat
So if the roof leaks it's down to the freeholder but if there's an issue inside the flat it's on the leaseholder.
So currently a leaseholder can only increase their lease by 99 years, meaning that after 19 years it's back to 80 and no mortgages will lend on it and it's impossible to sell, so basically every 20 years the landowners are screwing the leaseholder for a renewal
So the new law will allow the leaseholder to extend for 990 years, meaning practically they'll never have to renew again and it should increase the value of the property