SHOCK Leasehold Reforms Become Law - Key Part Missing

SHOCK Leasehold Reforms Become Law - Key Part Missing

The UK government has finally passed the much-anticipated leasehold reforms, bringing significant changes to the property market. However, there's a critical element that didn't make it into the final law, leaving many homeowners and industry experts concerned.

In this video, we'll break down:

What the new leasehold reforms entail
The key part that was left out and its implications

Let me know your thoughts, comment below, any questions also post them below.

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[jonathangems]

Many thanks James. Great news! And so unexpected! It's made my day, if not my decade! I am one of five leaseholder living in a house "owned" by a shifty freeholder who has never visited the property and managed by a management company that has never done anything to maintain it, yet imposes whopping service charges. We've been outrageously exploited for almost thirty years. They've made a fortune out of us.

[suededogs]

I can't wait for the council to cough up some refunds! We pay them £1, 200 a year service charge for what is basically a shit hole.

[cocosheffield]

I live in one of these terraces in Sheffield which is leasehold with missing landlord. These reforms don’t really help people like us but I’m happy that people in flats will benefit and not get massively ripped off with increasing ground rent and crazy management fees

[choiceweddings]

They needed to get rid off service charges🤬

[paulmurphy]

Thank you James! - Been waiting for this video. you talk the language people understand!

[HarryNicNicholas]

i'm pretty sure management companies get kick backs from people who do shoddy repairs then have to repair their repairs.

[lily_m]

Part of a RTM company with five flats. Three of the leaseholder's band together, knock back any improvement ideas, and are slow on performing essential maintenance so that it costs more in the long run. They don't want to invest in anything and use their buddy to do most of the management. A nightmare. Please do a video on RTM - especially what to do when it doesn't work.

[simeonbrookstone]

Ive been going insane with the abolishment of marriage value today, with some sites reporting that final clauses kept it in! Thanks for clarifying....now we just need the secondary legislation to support.

[keithbroad]

So by abolishing ‘Marriage Value’ altogether, would I be right in thinking that the old ‘80 year’ deadline to avoid paying it ceases to even be a relevant concern any longer & leaseholders can legitimately wait now until whenever they can afford to extend the lease on their property by 990 years & maybe even delay doing this until just before they intend to sell their property & thereby wait until that time to increase its value? 🤔

[elsamaria]

Great news and thank you for your explaining the ups and downs regarding leasehold property.

[scienceevolves]

This guy both cracks me up & infuriates me with his whiteboard space management. Wouldn't it be easier to start typing from the left hand side I wonder? 🤔 If you gave him a cuppa, would he drink it from an upside down position?🤔

[fluffy-puffy-puppy]

Thanks for this lots of positives, although not perfect. I might hold off desperately selling my flat to see how this plays out.

[knowbs]

The other racket is, freehold more than 5 properties and you can become your own insurance company,
Therefore double billing, bill the Leaseholder and bill the insurance Co,

[Alexxx---]

Lovely jubbly, I bought a flat based on the rumor of abolishing marriage value a couple of years ago for a massive discount, the lease was 60 years and the guy couldn't sell it. That will be going up for sale soon then 😁

[stuartgunn]

Great video, thank you for sticking at this and explaining it so well, 👍
Thank you to Gove and the Tories, for atleast one good thing they have completed, Just need the interest rates to fall now and they get my vote.

[richfroggatt]

Great news James, i believe it's going to be easier to buy the freehold too.

This is great news. Especially about the marriage value. I have 5 flats all less than 70 years left on the lease. What I’d like to know is what has changed. A few weeks ago you did a video of how all significant changes to leases were being dropped.

[andybellklas]

I put my final offer in yesterday on a short lease (50years) ill hear back today i hope they arnt going to reject it now knowing this deal just got alot more valuable for me

[Tallisper]

The new reform hasn't met my expectations. While it has made some improvements, leasehold still exists in a different form. A form that may be amended again in the future for the better or for the worse. Fortunately, I hold both British and European citizenship, which makes it easier for me to buy a property abroad. I would have preferred to invest in the UK, but even with these reforms, it's still not enough. Leaseholders remain too entangled with various obligations and external contractors. I'd rather buy a flat in a condominium where I own it outright.

[FatEd]

Management fees will just go up to make up for the lost fees from commission and marking up maintenance costs presumably. At least there will be proper transparency though.