Home Ownership Reform
The Law Commission has published its three key proposals for home ownership reform today with a firm focus on re-invigorating the largely ignored form of commonhold ownership.
The three reports which deal with enfranchisement, right to manage and commonhold tie in with the Government’s aim to make home ownership in the UK fairer and more transparent. It is encouraging to see the Law Commission addressing these three areas in such a cohesive way.
The recommendations which concern leasehold enfranchisement and right to manage are aimed at solving the current problems with leasehold ownership. Many of the proposals are very sensible and, if adopted, will shift the balance firmly in the direction of leaseholders. The proposals for a revised commonhold are aimed at offering a viable alternative where leaseholders can own a flat forever.
The proposals are extensive particularly on the issue of commonhold. It remains to be seen if they have gone far enough to reinvigorate a system that so far has only been used 20 times in the UK since it was introduced in 2002. The issue of home ownership is high on the political agenda and these proposals will certainly provide the Government with plenty of food for thought.