UPDATE - Leasehold Reform Act - Ground Rent To Be Abolished?

UPDATE - Leasehold Reform Act - Ground Rent To Be Abolished?
Stay up-to-date with the latest on the Leasehold Reform Act! In this video, we provide a comprehensive update on the potential abolition of ground rent. Learn about the proposed changes and their implications for leasehold property owners. Don't miss out on this crucial development in property law!
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[@propertyaccelerator]

Grab my FREE Leasehold Ebook here - property-accelerator.co.uk/free-leasehold-reform-ebook/

[@bettyboo1930]

I live in Hertfordshire and the market value of the flats in my block with an extended lease are worth £180k. With a short term lease they are being sold as cash only properties and only worth £120k. To extend the lease I have been quoted £30k by the property management company. The marriage value is almost the difference between short lease price and extended lease price of the property. I’m not sure if this may differ in other areas of the country?

[@propertyaccelerator]

That is correct the lease extention is half the value it would add so spot on there. In this bill passes it would drop to around £15k to extend.

[@mothgirlx6707]

Any idea when this reform could conclude or pass? I’m probably having to do something about my lease in the next year or so if it’s not changing in the next 10 years, so have been holding out

[@propertyaccelerator]

Yes Sunday night I have an update - kzbin.info/www/bejne/lXK1iWabjLCFgtksi=vYUkWSpNOL3jymdb you can click on this video to notify you when its out.

[@shadotmiah3650]

Hi James my lease is on 55 years. Shall I wait for a few years or shall I just do it now.

[@propertyaccelerator]

Wait until this comes into law could be a few months or next year. Ive made an updated video on this here check it out kzbin.info/www/bejne/pHPHhp2mnp56rpIsi=Cmp0ud2FU-CWVUr9

[@Sam_Green____4114]

What abut Marriage Value on leasehold renewals !?

[@propertyaccelerator]

I mention this in the video, it will be gone but not totally on this blog I share the example they give - property-accelerator.co.uk/leasehold-and-freehold-bill/

[@emma-kp8vz]

Leasehold properties should have been abolished years ago. My property originally had a 999 year lease, selling them is such a pain. Took ages to find the leaseholder and now insurance companies are capitalising on setting up indemnity insurances on them. My house took an extra 8 weeks to sell because of extra paperwork and 3 extra indemnities added by the buyers solicitor. Was wealth back in the day for landowners, they sold land to building conpanies, then added a rent ontop. Many leasehold years has been cut short as to make more profits to extend the leasehold of it; plus insurance companies are now making profits from them. Just abother cash cow for the rich!

[@propertyaccelerator]

Agreed

[@benitoscamelos5630]

It's a shame because for a lot of people owning a flat would be very convenient. But we are forced to choose house instead.

[@propertyaccelerator]

👍

[@dtek1832]

Is labour still planning on abolishing leaseholds?

[@propertyaccelerator]

As far as I can see yes, but I dont think they can actually do that. Tories are struggling with their much weaker proposals.

[@dtek1832]

@@propertyaccelerator hmm would be really interesting to see a video on your thoughts on Scotland. They somehow removed leasehold.. wonder how they got away with it

[@lovejetfuel4071]

@@propertyaccelerator They are struggling because of special interest and lobbyist within the tory party. I think people know what they have to do at the next GE

[@Smiffy30]

As an owner of a flat with a 100 year lease remaining, will the value of the property increase if I sell it? If it does should I hang on to this in the hope this bill will go through?

[@propertyaccelerator]

I think flats once this passes will be worth more as it takes out a lot of the hassle.

[@Sam_Green____4114]

Disappointed! l thought marriage value would be a lot less to renew ! l have been quoted currently 20 thousand to extend a 73 year lease on a 2 bedroom apartment value at about 180,000 to 200,00 ! 15 k is not what l was hoping for ! l was hoping for more like 5 to 6 thousand to renew a lease !

[@propertyaccelerator]

Its not as good as it should have been for sure. But it is about half the price it is today.

[@nuray3486]

James, now last time i spoke to the freeholder he wanted 17K to increase the lease from 73 to 99 years. So if this become law that merans around 10K i can extend the lease to say 90 years, however i want to inxrtease it to 990 years because there is no point in really increate it to 90 years only, 990 years feels better becuase that greedy freholder wont be abvle sponge anyone in future if i sell the flat or leave it to my son. i was wondering how much would it cost to make it from 73 years to 990 years, i checked but couldnt see any examples of this , but i heard from somoene speking that there wouldnt be much difference between increasing it to 90 years so maybe maximum 20K i can increase it to 990 years, what do you reckon?

[@propertyaccelerator]

I put the example on my blog - property-accelerator.co.uk/leasehold-and-freehold-bill/ I would wait until this passes it will be much better for you.

[@markroyds23]

17k for 23 years? Jesus it's such a scummy business isn't it

[@emma-kp8vz]

Leasehold properties are just a cash cow for many already rich landowners. There is one person who nearly owns the whole of Oldham in lancashire. Houses build now offer small leaseholds. All probably set up by him so he could them add thousands to extend each one to a few years. No one wants to buy a house with 80 years left. Makes selling for property owners harder, plus insurance companies are now jumping on the band wagon be creating indemnity insurances added while selling these properties. All money for the rich to get richer! Many are Lords who have had this land past down hundreds of years. Land originally stole from the peasants by Kings and knights. Defo needs abolishing.

[@philipwong3530]

Good stuff here. I assume your going to talk about the 99 per mortgage idea by the government.

[@propertyaccelerator]

Hey mate I made a video here - kzbin.info/www/bejne/bHjRmoWmeqiXgMUsi=jv4eJdaHpnr_Zlaq

[@debsc8377]

ExtenSion

[@propertyaccelerator]

👍

[@weld3z]

What about the stamp duty ? It's like a knife in the chest, they must reduce the %

[@propertyaccelerator]

I dont think that will change this year.

[@propertyaccelerator]

🔥 Get Access to the Property Accelerator Course HERE: property-accelerator.co.uk/fundamentals-of-property-investing/

[@finenebula]

Leasehold and FREEHOLD Reform Act. Stop ignoring Freehold - that is being reformed too!

[@propertyaccelerator]

True

[@mothgirlx6707]

What do you mean by freehold reform, as in buying freehold from the leasehold owner?

[@MoMohid-p3j]

It is a law now, there will be no challange accepted the freeholders are screwed and nothing they can do about it. Lease holders won big time. It is a law now means they have to renew at low costs otherwise they can be sued. Simple and end of the lessons Your video is good but you are making it too complicated above and you need to also update your video. Things moved on. All the best

[@Nora.........]

X

[@propertyaccelerator]

❤

[@akastewart]

I think that I’ll unsub and check in manually in a few weeks or a couple of months when there’s actually likely to be a real update. On this topic, you’re basically making the same video over and over, with no real material updates. You’re just relisting the same items over and over in each video. 👎

[@Nora.........]

It's not all about you matey. I know this stuff too, but some may not.

[@akastewart]

@@Nora......... If it’s about pushing a single set of information, he’d likely have more success letting one video build up views and Likes, as newcomers find the video through Search, until the algorithm picks it up. By continually repeating the same content in every video, each new video cannibalises views from his previous videos, meaning his videos all under-perform as viewers quickly realise that he’s not saying anything new and abandon the video - and possibly unsub, which YT will take as a negative signal. Would be better if he brought some insight to more aspects of this topic, by creating videos on different but related aspects of home ownership, sales, and the market. This could help to expand the number of searches his channel appears in and build his channel’s reputation as a good source of info on the topic, rather than a source of multiple videos repeating the same single set of talking points.

[@Nora.........]

@@akastewart Fair point. Your motives were pure.

[@propertyaccelerator]

Thats fair enough hope to see you again in future.