Fri 29 Apr 2022
Landlords will be banned from charging ground rent to future leaseholders, under a new law that will lead to fairer, more transparent homeownership. It will also apply to retirement homes, which will come into force no earlier than 1 April 2023, and more details will be confirmed in due course.
Many landlords have already reduced ground rent to zero for homebuyers starting a new lease with them. Anyone preparing to sign a new lease on a home in the next two months should speak to their landlord to ensure their ground rent rate reflects the upcoming changes.
Measures which were announced in 2021, include a new right for leaseholders to extend their leases to 990 years at zero ground rent and an online calculator to help leaseholders find out how much it would cost to buy their freehold or extend their lease.
In addition, thousands of existing leaseholders have also already seen a reduction in their inflated ground rent costs. The Competition Market Authority (CMA) secured commitments with major homebuilders to stop doubling ground charges every year for leaseholders.
"Positive: Professionalism, Quality, Responsiveness, Value We cannot speak highly enough of Anker and Partners. In difficult times caused by the pandemic they acted quickly and professionally in putting our house on the market with excellent advertising, description and photographs. Viewings were conducted at short notice and every effort was made to accommodate potential buyers. When a sale was agreed we received regular updates not only of our own buyer but also for the rest of the chain, which was very reassuring, all this when the stamp duty holiday was in the final few days and the pressure was enormous on everyone. They were also extremely helpful in assisting with our purchase of a property after completion and able to resolve problems which other professionals were unable to do. Thank you Jeremy Vesey and all his staff."