Leasehold

Ministry of Housing, Communities and Local Government written question – answered on 4th November 2019.

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Photo of Jonathan Lord Jonathan Lord Conservative, Woking

To ask the Secretary of State for Housing, Communities and Local Government, what assessment he has made of the potential effect on the viability of the leasehold sector of (a) regulating professional freeholders and (b) removing the financial value of ground rents; and if he will make a statement.

Photo of Esther McVey Esther McVey Minister of State (Housing, Communities and Local Government)

For many years leasehold developments have existed with peppercorn ground rents. In line with usual practice, the government’s intention would be to publish an impact assessment on zero ground rents for future leases, as part of taking primary legislation through Parliament.

In addition, Lord Best’s working group advising government on the regulation of property agents, which reported on 18 July, proposed that government consider extending regulation to freeholders. We are carefully considering all the recommendations in the report and will announce next steps in due course.

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