The proposal to ban the sale of new leasehold homes might come into effect soon, as Greycoat real estate specialists comment. The ground rent reforms are much needed, and there should be no further delays in making them public.
The Law Society of England is supporting the bill that will prevent the sale of leasehold houses. In the proposal, Greycoat adds, leasehold houses will only be sold in exceptional cases.
All new houses will be sold freehold and leasehold will only be allowed in exceptional circumstances justifying the need for a leasehold tenure. As Greycoat assures, the UK government should ensure new regulations are enacted because they will enable estate agents to make sales easily.
The Real Estate agency suggests that the government should also include clear guidelines on service charges and the information one needs to share when buying or selling a property. However, Greycoat adds, all the parties involved in the industry must be consulted to come up with regulations that will be welcomed by everyone.
Also, it is important to clarify any speculations about scrapping the bill to do away with the uncertainties in the housing market sector. The government needs to bring the proposal soon to allow room for scrutiny, Greycoat finally shares. The government also needs to consider previous provisions on how to regulate the existing leases because it will help them to know the key areas to focus on in the bill.