The new law on residential leases and the limits on ground rent
This course highlights the significant changes to the residential property sector and how it ends the practice of landlords reserving ground rents in new long leases.
The new Leasehold Reform (Ground Rent) Act 2022 limits the amount of ground rent payable under most new long leases of residential properties to a peppercorn, and is the first of the UK government's two-part legislative programme to reform the leasehold system. It is described by the government as being "part of the most significant changes to property law in a generation". The Act came into force on 30 June 2022 (or 1 April 2023 for retirement properties).
By the end of this course, you should be able to:
- Understand what the new Leasehold Reform (Ground Rent) Act does and when it will come into force
- Identity which leases are affected by the Act and the consequences of non-compliance