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This is currently part of a big political debate, and _might_ change, although the current government have dodged it so far: - https://www.bbc.com/news/uk-poli

This is currently part of a big political debate, and _might_ change, although the current government have dodged it so far: - https://www.bbc.com/news/uk-politics-67569517 https://www.bbc.com/news/uk-politics-67569517 - https://commonslibrary.parliament.uk/leasehold-reform-in-england-and-wales/ https://commonslibrary.parliament.uk/leasehold-reform-in-eng... - https://www.theguardian.com/society/2023/nov/04/labour-promises-rapid-housing-action-after-years-of-tory-paper-promises https://www.theguardian.com/society/2023/nov/04/labour-promi... Much of the rest of Europe & elsewhere heavily uses a commonhold model (https://www.lease-advice.org/advice-guide/commonhold/ https://www.lease-advice.org/advice-guide/commonhold/) where all owners of flats in a block collectively own the shared structure of the block itself, and share responsibility for maintaining that as required, with a communal budget and democratic voting on decisions.

cassianoleal 3y ago
I'm aware of the debate. Do you have any idea what will happen to the people currently on leaseholds if this goes forward? I imagine they're either not going to be affected at all (i.e. stay on leasehold until the lease runs out), at which point either: - It gets converted to a commonhold (potentially necessitating some form of compensation to the current freeholder); or - It stays in the same regime. In the former case, there's the chance that existing leaseholders will be priced out of their residence if they're unable to acquire their share of the commonhold. In the latter, their property value will likely plunge as it's less attractive than the new ones. Of course, the alternative to this is that commonholds are priced up accordingly but that will probably make them inaccessible to most people and perhaps even more expensive than freehold houses.

cassianoleal 3y ago

I'm aware of the debate. Do you have any idea what will happen to the people currently on leaseholds if this goes forward? I imagine they're either not going to be affected at all (i.e. stay on leasehold until the lease runs out), at which point either: - It gets converted to a commonhold (potentially necessitating some form of compensation to the current freeholder); or - It stays in the same regime. In the former case, there's the chance that existing leaseholders will be priced out of their residence if they're unable to acquire their share of the commonhold. In the latter, their property value will likely plunge as it's less attractive than the new ones. Of course, the alternative to this is that commonholds are priced up accordingly but that will probably make them inaccessible to most people and perhaps even more expensive than freehold houses.