Leasehold Property Owners MUST Watch This!
Housing Market Update Leasehold Reform Act Passes into law.
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The UK leasehold system has long been a contentious issue, and many argue it’s one of the biggest scams in history. The current system, which dates back to feudal times, sees homeowners purchasing property but not the land it stands on. Instead, they lease the land from a freeholder, often for 99 years or more.
Watch on my Money Tips YouTube channel video - https://youtu.be/i9WAY0qrt0U
In theory, this feudal relic has reformed by the Leasehold Reform (Ground Rent) Act which was passed into law by Parliament and granted the ‘Royal Assent’ on 24 May 2024, just before it was closed for the forthcoming election. But many feel it has been watered down from its original aims.
Read the Act in full - https://bills.parliament.uk/bills/3523/publications
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