Leasehold Reform (Ground Rent) Act 2022 - Revision history

Editor at 08:46, 2 November 2023

2023-11-02T08:46:58Z

← Older revision		Revision as of 08:46, 2 November 2023
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	In the case of informal (non-statutory) lease extensions for existing leaseholders the ground rent is restricted to zero. In the case of statutory lease extensions, the landlord is forced to reduce ground rent to a peppercorn for the lease term. Existing leaseholders not extended their leases could consider enquiring about a deed of variation regarding ground rent. Local authorities can impose fines up to £30,000 per lease, ground rent is required and payment not returned. As of April 2023 ground rent ban also applies to retirement homes.		In the case of informal (non-statutory) lease extensions for existing leaseholders the ground rent is restricted to zero. In the case of statutory lease extensions, the landlord is forced to reduce ground rent to a peppercorn for the lease term. Existing leaseholders not extended their leases could consider enquiring about a deed of variation regarding ground rent. Local authorities can impose fines up to £30,000 per lease, ground rent is required and payment not returned. As of April 2023 ground rent ban also applies to retirement homes.

−	Future measures may include the right for leaseholders to extend leases to 990 years at zero ground rent along with online tools to assist leaseholders in buying freehold ~~rfghts~~ or extended leases.	+	Future measures may include the right for leaseholders to extend leases to 990 years at zero ground rent along with online tools to assist leaseholders in buying freehold rights or extended leases.

−	[[Category:~~Articles_needing_more_work~~]]	+	For further information visit [https://www.gov.uk/government/publications/the-leasehold-reform-ground-rent-act-user-guidance/leasehold-reform-ground-rent-act-2022-guidance-for-leaseholders-landlords-and-managing-agents Leasehold Reform (Ground Rent) Act 2022: Guidance for leaseholders, landlords and managing agents].
		+
		+	= Related articles on Designing Buildings =
		+
		+	* Assured shorthold tenancy.
		+	* Betterment.
		+	* Built to suit.
		+	* Buy-to-let mortgage.
		+	* Code of practice for letting and managing agents.
		+	* Commonhold.
		+	* Difference between assured shorthold tenancy and assured tenancy.
		+	* Dilapidations.
		+	* Excluded occupier.
		+	* Freehold.
		+	* Green lease.
		+	* Ground rent.
		+	* How to evict a tenant.
		+	* Landlord.
		+	* Landlord and Tenant Act.
		+	* Lawyer.
		+	* Lease Negotiations - Tenants Checklist.
		+	* Leasehold.
		+	* Leasehold covenants.
		+	* Leasehold enfranchisement.
		+	* Leasing a property - what you need to know.
		+	* Licence for Alterations for Apartment.
		+	* Meanwhile use.
		+	* Occupier.
		+	* Peppercorn rent.
		+	* Property guardianship.
		+	* Quantified demand.
		+	* Rent-free period.
		+	* Rent in administration.
		+	* Rent review.
		+	* Restrictive covenant.
		+	* Reverse premium.
		+	* Reversion.
		+	* Right to manage.
		+	* Sample retail lease.
		+	* Scott schedule.
		+	* Security of tenure for commercial leases.
		+	* Semi.
		+	* Service charge.
		+	* Shared ownership.
		+	* Short term lets.
		+	* Subletting.
		+	* Supersession.
		+	* TA6 Property Information Form.
		+	* Tenant.
		+	* Types of building.
		+	* Vacant possession.
		+	* What is a mortgage?
		+
		+	[[Category:DCN_Case_Law]] [[Category:DCN_Commentary]] [[Category:DCN_Legislation]] [[Category:Definitions]] [[Category:Other_legislation]] [[Category:Property_law]]

Editor at 08:41, 2 November 2023

2023-11-02T08:41:44Z

← Older revision		Revision as of 08:41, 2 November 2023
Line 1:		Line 1:
	The Leasehold Reform (ground rent) Act 2022 came into force on 30th June 2022 and impacts ground rent charges for new long residential leasehold properties, effectively preventing them from being charged by freeholders of leasehold properties.		The Leasehold Reform (ground rent) Act 2022 came into force on 30th June 2022 and impacts ground rent charges for new long residential leasehold properties, effectively preventing them from being charged by freeholders of leasehold properties.

−	The new Act refers to ~~Regulated~~ leases, which are residential leases for a house or flat granted after 30th June 2022, for more than 21 years and thus covered by the Act. There will be no requirement to pay ground rent or administrative lease related costs in relation to these regulated leases. There are a number of exceptions under the Act;	+	The new Act refers to regulated leases, which are residential leases for a house or flat granted after 30th June 2022, for more than 21 years and thus covered by the Act. There will be no requirement to pay ground rent or administrative lease related costs in relation to these regulated leases. There are a number of exceptions under the Act;

−	* Statutory lease extensions ~~for houses and flats~~	+	* Statutory lease extensions
−	* ~~Applicable community-led housing~~	+	* Existing leases
−	* Certain financial products	+	* Leases granted pursuant to contracts exchanged before 30 June 2022
−	* Business leases ~~which are~~ defined by the Act as leases of commercial premises	+	* Certain financial products such as home finance leases
		+	* Community housing leases
		+	* Business leases defined by the Act as leases of commercial premises
		+
		+	In the case of informal (non-statutory) lease extensions for existing leaseholders the ground rent is restricted to zero. In the case of statutory lease extensions, the landlord is forced to reduce ground rent to a peppercorn for the lease term. Existing leaseholders not extended their leases could consider enquiring about a deed of variation regarding ground rent. Local authorities can impose fines up to £30,000 per lease, ground rent is required and payment not returned. As of April 2023 ground rent ban also applies to retirement homes.
		+
		+	Future measures may include the right for leaseholders to extend leases to 990 years at zero ground rent along with online tools to assist leaseholders in buying freehold rfghts or extended leases.

	[[Category:Articles_needing_more_work]]		[[Category:Articles_needing_more_work]]

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2023-10-30T08:03:35Z

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The Leasehold Reform (ground rent) Act 2022 came into force on 30th June 2022 and impacts ground rent charges for new long residential leasehold properties, effectively preventing them from being charged by freeholders of leasehold properties.

The new Act refers to Regulated leases, which are residential leases for a house or flat granted after 30th June 2022, for more than 21 years and thus covered by the Act. There will be no requirement to pay ground rent or administrative lease related costs in relation to these regulated leases. There are a number of exceptions under the Act;

* Statutory lease extensions for houses and flats
* Applicable community-led housing
* Certain financial products
* Business leases which are defined by the Act as leases of commercial premises

[[Category:Articles_needing_more_work]]