Samuel Hagger Via Unsplash @samuel_hagger
Stephen has welcomed the Government’s announcement that ground rents will be capped at £250 a year, describing it as “…a long overdue step that will make a real difference to leaseholders in East Ham.”
The Government has also confirmed its intention to ban new leasehold flats, part of a wider programme of reforms aimed at modernising the leasehold system. The changes are expected to provide relief to many homeowners who have faced rising and often unaffordable ground rent charges for years.
Alongside the cap, a draft Commonhold and Leasehold Reform Bill has been published, which proposes stronger rights and protections for more than five million leaseholders. The Moving to Commonhold consultation has also opened, giving residents across the country an opportunity to contribute to the next stage of reform.
These measures build on recent reforms aimed at improving housing security and strengthening the rights of tenants and homeowners.
Speaking about the announcement, Stephen said: “This is fantastic news for leaseholders in East Ham who have been trapped in an unfair system for too long.
“I have met many local residents who have been ripped off for far too long. This cap will save some families hundreds of pounds a year and finally puts an end to one of the worst injustices in the leasehold system.”