Leasehold reform is coming...

Amongst all the recent news about the property market, it has gone somehow unnoticed that the government is finally changing the medieval system of leasehold.
 
This feudal system of homeownership, which is very peculiar to the UK, dates back 1000 years and simply grants the buyer of a property that is a leasehold (mostly flats) the right to live in a property for 99 to 9999 years. Every year the lease goes down and the property eventually becomes less valuable.
 
Until now, if you buy a property with a lease that is shorter than 80ys old, you needed to enter into costly legal fees & other charges while negotiating a sum with the freeholder.
No MORE.

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