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The Law Commissioner Professor Nick Hopkins is to address leaseholders on reforms to leasehold in Manchester on Saturday November 3, with an event in London to be announced shortly.
Professor Hopkins will be discussing the Law Commission’s consultation paper setting out proposals that aim to make buying your freehold or extending your lease simpler, easier, quicker and cheaper.
It examines options to reduce the price payable by leaseholders.
The Law Commission published its Consultation Paper ‘Leasehold home ownership: buying your freehold or extending your lease’ on September 20. The consultation period is open until January 7 2019.
The event in Manchester, organised by the Leasehold Knowledge Partnership and the National Leasehold Campaign Facebook group, will also be addressed by:
Justin Madders MP
The Ministry of Housing policy lead on ground rents and enfranchisement
Sebastian O’Kelly, Martin Boyd and Louie Burns, of the Leasehold Knowledge Partnership
And the founders of the National Leasehold Campaign, Katie Kendrick, Jo Darbyshire and Cath Williams.
There will be a charge of £25 a head and the event can be booked via Eventbrite here
Law Commissioner Nicholas Hopkins hopes his work prompts complete reform of leasehold
Prof Hopkins:
“Ultimately, we think that there is great value in bringing all of the law concerning residential leasehold together in a streamlined and accessible modern law.
“A single up-to-date piece of legislation would be clearer and easier for people to use. We feel that a vital area of law that has such a fundamental impact on people’s homes and lives deserves that consideration.”
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Law Commissioner Nicholas Hopkins hopes his work prompts complete reform of leasehold
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Ee bah gum Manchester, ’tis grim up north, pack your woolly undies and sou’wester. Put wood in hole when you leave.
It is almost in my neck of the woods, I will giver serious thought to attending.
Amazed we are getting them out of London. They may experience nose bleeds coming this far up north.
Would be great to meet you too David
I’m sure Manchester is a lovely place (although, I have never visited & live in London) but I’m looking forward to uniting & supporting leaseholders, ensuring our voices are heard regardless of what part of the country such a conference is held…as, leaseholders have been treated unfairly & even witnessed the biasedness of the tribunal system first-hand. There is absolutely no point/benefit being a sofa objector, LETS ALL ATTEND AND ENSURE THAT ARE VOICES & PRESENTS ARE ACKNOWLEDGED. It has taken years to achieve what has been achieved with all the help of LKP, MPs Cross party support and other amazing leaseholders, LIKE YOU!! PLEASE, please attend & be united!!
Not got a Facebook account for the NLC campaign. However I am a concerned leaseholder in a block of flats and want reform, and have paid to attend the Manchester meeting via Eventbrite.
Two main questions for the Law Commission.
Why are we not moving to commonhold when just about everywhere else has adopted it ?
Why can’t individual leaseholders buy a share of the freehold instead of doing a lease extension, in this way leasehold would eventually die off ? This assumes no new build flats, building conversions to flats or new houses are sold as leasehold.
Apart from maintaining existing vested interests, I can see no reason why an individual leaseholder should not be able to buy a proportionate freehold share.
I will be generous and assume Justin Bates is acting in a neutral manner in advising the Law Commission, and using his extensive knowledge to help reform the law so it is fairer for leaseholders, less complicated, and fit for a modern 21st century democracy rather than medieval times.
Wonder if the Law Commission will take a leaf out of Queen Vic’s book when passing by these parts and ask for a train carriage with curtains?
Funny old world, leasehold.
Given the Commission is presently pondering lease extension costs, I was interested when a neighbour said his estate agent advised him to get his lease extended informally for speed (no surprise as it is 65 years). neighbour wants a quick sale.
I asked how much the estate agent valued his extended lease. Their ‘local knowledge’ of a 155 year lease apparently was only 75% of what these flats routinely sold for ten years ago when the original leases were 75 years.
True, local sale prices for flats crashed post 2008 by 25% (per LR), but this corrected a few years ago.
Our flats had tracked well above the local average until after the crash, then dropped well below the local average and never recovered. There are no local factors to explain this, other than the lease terms running down ten years.
Not being the sharpest knife in the drawer I imagined, based on all these experts and their relativity graphs and the endless learned ruminating about lease values at tribunals, that a shiny extended lease should realise at least its unextended value of ten years ago?
If my neighbour’s expert estate agent proves accurate, his extended lease now will be worth less on the local market than his original 99 year lease?
I’ll wager a jam sandwich that the freeholder will value my neighbour’s extended lease at a handsome mark up – under the legal formula all extensions are automatically worth more.
There’s the real market place leaseholders must live in, and the theological world of lease extension valuations that freeholders and experts inhabit?
Train carriage with curtains:):)-