Property experts from across the sector are being encouraged to take part in the Law Commission’s consultation on leasehold enfranchisement ie the rights to extend a residential lease and/or acquire the freehold.
The Law Commission wants to introduce a new and clearer system. Much of the existing law was created over 50 years ago, is highly complex and hasn’t kept pace with the demands of the modern property market.
In essence the consultation paper asks four key questions:
- What should the enfranchisement rights be?
- Who should be entitled to exercise enfranchisement rights?
- How should enfranchisement right be exercised?
- What should it cost to enfranchise?
The consultation period closes on 20 November 2018.
Lawrence Morley comments: “The Law Commission’s provisional reform proposals include new qualifying criteria that is designed to improve enfranchisement rights and a new unified procedure for all claims.”
To have your say visit
For more information visit www.lawcom.gov.uk/project/leasehold-enfranchisement/