Leasehold changes in law

[Kai1981]

I've always avoided leasehold flats (at least those under 150 years) because the lower the lease, the more property depreciates over time. I might be living there for 40 or 50 years if I'm lucky too! And I have friends who've had nightmares extending leases.

With the new laws coming in place to give more protection to leaseholders is this less of a concern? Are the laws definitely all going ahead and should I reconsider leasehold properties now?

Given that depreciation does't kick in really until under 100 years and you would have the option to extend before that, your stance seems completely nonsensical. You have made a massive generalisation based on a very poor understanding of leaseholds and how they work. I suggest you do some proper research

I might be living there for 40 or 50 years if I'm lucky. And I have friends who've had nightmares extending leases.

Love asking questions on Mumsnet where people don't read the OP properly and then reply with no sense of diplomacy. I have a law degree, albeit I never practiced law. I understand how leases work thanks.

I specifically asked a question about the legislation, not my thinking about avoiding leasehold properties.

This is the only information I have about the changes.

www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes

My mum had a nightmare with this too, it's good to factor in the cost.

That said, her solicitor was dreadful and mum wouldn't accept that, plus the whole marriage value thing went straight over her head - in fairness, she is elderly - and she got a shock when the final figure came. It was pretty much spot on what I had expected though.

Thank you! I'll have a read.

That's it as well, it's not just extending the lease but any legal fees, especially if things get complicated. One of my friend's freeholders had died and they had a lengthy process working out what to do in that event re the (messy) estate etc. It's put me off because even with what looks straightforward, you don't know until you start the process.

OP if it makes you feel better, I've had a friend do it and he had no trouble at all

I think solicitors, surveyors, and freeholder all being efficient is a stroke of luck too frankly. But I totally get where you're coming from. I could have bought a bigger flat but the only reason I could afford it was the lease was 72 years or something. So it was a no from me!

It’s not the potential length of the lease that would put me off buying a flat, it’s the fact that someone else is in charge of the repair and maintenance.

Developers have become more sensible in setting the length of the lease in the last few years.

The reforms probably won’t kick in for a while.

To be honest extending a lease is perfectly doable. I do not see that as a problem. The problem I see is that leasehold by itself gives you no recourse against a managing agent which does a poor job yet keeps increasing its charges year on year. Eg see www.ft.com/content/b135b814-dc9e-4abc-bb64-f378d11179d8