Well, well, well, it seems our government finally remembered us poor leasehold souls scraping together deposits for “our own” little slice of London. If you’re a first-time buyer eyeing up that affordable flat in Zone 4, this newsletter is for you!

Big News! Lease Extensions for… 990 Years? Yes, really! Apparently, the government thinks you need that much time to pay off your mortgage. If you’re currently shackled with a lease, fear not—you can extend it to a cozy 990 years. Now your grandkids can inherit your flat and your lease.

And it Gets Better—They’re Cutting Out “Marriage Value” Now this one’s actually a bit of a win. They’re finally doing away with that little thing called “marriage value,” which basically meant your lease extension price went up as your lease got shorter. Nice of them to recognise that maybe, just maybe, we’d like to stop paying extra just for getting older.

Transparent Service Charges: The Dream Lives On Managing agents will now provide standardised service charge bills. That’s right, no more cryptic charges for “grounds maintenance” and “administration fees” that seem to fund some faceless management company’s next vacation. Now we can actually understand how much we’re paying to keep our own hallway lightbulbs working.

Oh, and the Right to Manage is Easier—Yay? If you want to take control of the management of your building, it’s supposed to be simpler now! And by simpler, they mean you just have to organize with all your neighbors, navigate some red tape, and, well, good luck!

Thinking of New Flats? Commonhold is Here (Sort Of) The “leasehold-free” future is apparently right around the corner… for new flats. The government’s vision is to switch new builds to “commonhold,” where you’d own your flat outright along with a share of common areas. Imagine that! A place you actually own. Now if only those flats didn’t start at £800,000…

Ground Rent: The Monster Under the Bed They’re tackling the infamous ground rent (you know, that yearly fee you pay for the pleasure of living in your own flat). No more unregulated hikes! Instead of it doubling every few years, it’ll… well, it won’t! Could this be the end of paying rent on something we supposedly own? Don’t get too excited—it’s still a draft bill.

Forfeiture Threats: No Longer a Thing? Ever heard of forfeiture? That’s when a freeholder can take your home if you fall behind on even the tiniest fees. They’re making moves to protect us from that lovely little detail. Now, unless you’re really neglecting to pay, your flat shouldn’t suddenly belong to someone else.

The Hidden Fees of “Fleecehold” Estates Are on Notice For anyone in the know, “fleecehold” is the term for private estate owners who charge you maintenance fees for roads, street lighting, and the “privilege” of living there. Thankfully, they’re now making it clear that these charges need to be fair and challengeable. Finally, a bit of transparency in how much we’re actually forking out for the privilege of living on someone’s patch of grass.

So, What’s the Catch? While some of these changes have been signed off and are rolling out (hello, Leasehold Reform Act 2024), others are still in draft form, lingering in the House of Commons like that uncut avocado in your fridge. So, some of these glorious promises might be a couple of years away (if they arrive at all).

In the meantime, first-time buyers, hold tight. London is waiting for us, slightly less encumbered by hidden fees and lifelong leases! Or, at least, that’s what they’re promising us…