The End of Leasehold Properties?

Michael Gove is reported to be considering the end of leasehold properties. Not just that but by the next general election. That’s just two years’ time.

As reported in the Daily Mail.

In his words leasehold properties are ‘outdated and feudal’, and I am sure we can agree with his sentiments there. As Estate agents with over 60 years combined experience. We are often asked to advise on leaseholds, having many international buyers in Highgate. They often have very little understanding of leaseholds and how they operate. I think it is safe to say you don’t have to be an international buyer to find them a minefield.

Mr Gove has stated “In crude terms, if you buy a flat it should be yours.” ‘‘You shouldn’t be on the hook for charges that managing agents and other people can land you with which are gouging.’

He goes on to say “It’s not easy in legal terms because you’ve got a tangle of deals going back hundreds of years – unstitching all of that is difficult – but the fundamental thing is that leasehold is an unfair form of property ownership. It is an outdated feudal system that needs to go.”

Let’s hope for some concise thinking to help evolve this outdated practice.

Should you be looking for advice on leasehold properties, lease extensions, etc please do get in touch here at Stonebridge estate agents.