The Leasehold Reform (Ground Rent) Act 2022 aims to protect tenants from high ground rents
There has been an increase in the number of property developers contacting firms for advice in relation to the government’s leasehold reform of later living schemes.
The Leasehold Reform (Ground Rent) Act 2022 is part of a review of leasehold practices to prevent landlords from charging ground rents exceeding a nominal amount in new leases of residential properties.
Connie O’Donnell, a commercial property associate at national law firm Clarke Willmott, said: “The Act is intended to protect tenants from high ground rents from which they receive no benefit, however the reforms may cause problems for developers going forwards.
“Following implementation of the Act, developers will need to consider ho...