Duration: 20 minutes
Platform: Microsoft Teams
Speakers: Jonathan Corris, Mark Foxcroft, & Neil Lawlor
MHCLG published a White Paper detailing proposals to ban new leasehold flats and reinvigorate commonhold as the default tenure.
Draft legislation is to be published, under the title “The Leasehold and Commonhold Reform Bill”, later in 2025.
It is expected to be a significant shake-up of the leasehold regime and will affect landlords, tenants, managers, agents and current commonhold associations.
Why Boards need to be thinking about it:
- Engagement – Boards need to be fully informed so that they can engage substantively with forthcoming consultations and draft legislation. This will be to ensure that the sector’s concerns are formally put forward. Sharing information/joining forces with industry bodies to establish a commonality of response will be key.
- Changing framework – Landlords will have to reassess their roles and strategies in the property market, as reforms largely do away with the ‘landlord’ role.
- Gaining knowledge and planning ahead – Boards will need to future-proof their investments by growing their understanding of commonhold and how portfolios will be owned and managed. Alternative strategies like developing property management arms will need to be considered.
In this session we will cover:
- An explanation of what commonhold is – This will talk though the framework behind commonhold ownership and management.
- Explain the changes detailed in the White Paper
- Discuss why Boards need to be thinking about this – We will discuss the possibility of the changes likely impact on housing stock and share how concerns can be put forward as part of sector consultation.
- Cover of the impact on development, management and the finance and cost exposure.
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