King's Speech brings leasehold reform but no nutrient support

The government is to bring forward a Leasehold and Freehold Bill, according to the King’s Speech delivered today (November 7).

The Speech, setting out the government’s legislative programme for the next parliamentary session, did not include new legislation to tackle nutrient neutrality as originally hoped. Instead, it featured a bill to “reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of home owners through punitive service charges,” as King Charles read.

The Leasehold and Freehold Bill, delivering wider leasehold reform, will ban the creation of new leasehold houses, making every new house in England and Wales freehold from the start, except in “exceptional circumstances”.

But in the King’s Speech briefing notes, the government stated that “almost all” flats were sold on a leasehold basis against 6% of houses.

Under the new bill, it will be cheaper and easier for existing leaseholders in houses and flats to extend their lease or buy their freehold.

To aid this, the standard lease extension term will rise from 90 years to 990 years for both houses and flats, with the ground rent reduced to zero.

The bill also …