LEASEHOLDERS will be given the right to extend their lease by a maximum term of 990 years at zero ground rent, the Government has announced.
The measures, praised by Keighley and Ilkley MP Robbie Moore, come as part of the biggest reforms to English property law for 40 years, which make home ownership fairer and more secure.
Under current laws many leaseholders face high ground rents, which combined with a mortgage, can make it feel like they are paying rent on a property they own.
Mr Moore said: “Everybody should have the opportunity to own their own home without having to pay excessive fees to freeholders. These reforms for leaseholders are a step in the right direction for giving homeowners long term security and peace of mind."
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