Leasehold reform act

[Smoothieyummy]

Hi! So the leasehold reform act has Received royal assent, what exactly does this mean for someone who is in the process of buying a new build flat from the developer? The flat that I am interested in buying is in a new built completed in 2020, It is currently advertised for a ground rent of £750pa. It is unclear to me when this law will be in effect as there is no confirmed commencement date. I think I will raise this to the freeholder and request that they remove the ground rent from the lease, I just don’t know if they will agree given that the act is not yet effective despite it has been received Royal Assent..

It’s not retrospective.
No harm in asking though. Is it one of the big builders? Some of them have agreed to reduce ground rents anyway.

@MinnieMountain

It’s not retrospective. No harm in asking though. Is it one of the big builders? Some of them have agreed to reduce ground rents anyway.

I know ít not retrospective, but I’m buying now so it is a new lease right?

It probably is a new lease or maybe one has been put in place already given that it was built in 2020. But the Act hasn’t come into force yet and no date has been given.

*sorry, which you clearly already know but right now it boils down to you can’t make them change it.