O'Neill Patient - Homeowners given false hope due to lack of clarity in new leasehold reforms

Jonathan Frankel is a specialist in leasehold enfranchisement law who heads up a growing division dedicated to resolving the issue at Cavendish Legal Group, part of top 100 law firm O’Neill Patient.

He said: “Following the initial announcement from the Government on leasehold reform it is clear that more detail and a commitment to a realistic timeframe is required.

“Homeowners have really been given false hope as many would have expected the law to be changed almost overnight. The reality is that it could still take years.

“In addition, one of the biggest hurdles for new owners still remains, as new leaseholders will still be required to wait two years before they can start the process of obtaining their statutory lease extension. This is one of the key elements of the much-needed reforms.

“So, far from benefitting the many leaseholders who have been waiting for these reforms, it has only served to create confusion.

“We would call on the Government to make a clear commitment to this reform and a deadline for implementation that homeowners can work towards to provide the security they’re asking for. The clock is ticking as the pressing point remains – the shorter the lease gets; the more costly it will be to extend.”

Published: 08 January 2021