To ask Her Majesty's Government what assessment they have made of the impact that the extension of leases by 990 years by all leaseholders in a block of flats would have on the viability of commonhold.
Answered on
25 January 2021
The Government will establish a new Commonhold Council as a partnership of industry, leaseholders and Government that will prepare homeowners and the market for the widespread take-up of commonhold
Long leases provide long term security for leaseholders now and in the future and save money by avoiding the need for multiple lease extensions. Through our reforms, the length of a statutory lease extension will increase to 990 years, from 90 years (for flats) and 50 years (for houses). Leaseholders will be able to extend their lease as often as they wish with zero ground rent.