The King's Speech outlined significant leasehold reforms aimed at enhancing property ownership rights and promoting commonhold as the default tenure for new builds. Here's a summary of the key changes and how tlc, as a block management company, can support you through these reforms.
Key Changes in Leasehold Reform
- Ban on New Leasehold Flats: New leasehold flats will be banned, with commonhold becoming the default tenure to simplify home ownership.
- Leasehold Enfranchisement and Extensions: The process for buying free-holds or extending leases will be streamlined and made more affordable.
- Commonhold as Default: Commonhold will become the primary form of ownership for new properties, eliminating the need for leasehold arrangements.
- Regulating Ground Rents: Ground rents in existing residential leases will be regulated to prevent unfair charges.
- Ending Forfeiture Injustice: Measures will be introduced to address injustices associated with forfeiture, providing greater protection to leaseholders.
tlc's Expertise and Support
At tlc, our extensive experience managing over 200 buildings in Kensington and Chelsea makes us the ideal partners to navigate these leasehold reforms. We understand the local market intricacies and are committed to ensuring that independent freeholders, Right to Manage groups, and newly enfranchised buildings are well-supported through these changes. Our team will provide personalised advice, helping you understand and adapt to the new regulations while safeguarding your property investments. Landlords and leaseholders in Kensington and Chelsea are not alone—tlc is here to offer guidance and expertise during this transition, ensuring compliance and peace of mind.
Why Now is a Good Time to Sell or Invest
Thinking about Buying an Investment? Property prices are as affordable as they were in 2003 when adjusted for inflation, and mortgage rates are on the decline. This creates an ideal buying environment, especially in prime areas like Kensington and Chelsea. With rental demand in these areas outstripping supply, there has never been a better time to invest in a buy-to-let property. Rents remain strong, ensuring a healthy return on investment. Investing now allows you to capitalise on the current market conditions, securing a valuable asset in one of London's most sought-after boroughs.
The leasehold reforms mark a significant shift towards fairer property ownership. With tlc's support, you can confidently navigate these changes, ensuring your property interests are protected and managed effectively. Stay tuned to our blog and social media channels for more updates and detailed guidance on the leasehold reforms.
Thinking about Selling? Property historically performs well under Labour governments due to their focus on housing market stability and increased public spending, which boosts economic confidence and demand for housing. For example, during previous Labour administrations, property prices experienced consistent growth. This trend is often attributed to Labour's housing policies and economic strategies that foster a favourable environment for property investment. With our local expertise, we can help you maximise your property's value in this promising market. We are adept at positioning your property to attract serious buyers, ensuring you achieve the best possible return on your investment.
