Leasehold Reform: Forfeiture Provisions Debate
Full Debate: Read Full DebateBaroness Altmann
Main Page: Baroness Altmann (Non-affiliated - Life peer)Department Debates - View all Baroness Altmann's debates with the Ministry of Housing, Communities and Local Government
(2 years, 5 months ago)
Lords ChamberI thank the noble Lord for some exciting policy ideas. It is important that we recognise that forfeiture is a very lengthy process, and there are ways in which we can cover debt. In fact, where there is an outstanding mortgage, you typically find that mortgage companies step in and pay off any remaining amounts, because they want to protect their financial interest in a property that is worth far more than the debt. But it is an idea that I will take back to the department.
My Lords, I declare my interests as set out in the register. I support fully the Government’s intentions for urgent leasehold reform; I look forward to seeing the legislation. Does my noble friend agree that it is really important to ensure that landlords are still incentivised to let their properties? With the shortage of housing that we have, it is important to balance the interests of leaseholders and freeholders. There are really important areas of reform, such as have been raised, that need attention for this market to function much better than it does.
I thank my noble friend for once again underlining that, when we reform landlord and tenant law, we need get the balance of interests right. As a Government, we have committed to a number of ways in which we try to get that balance right and, indeed, to move away from the idea of having leasehold as the tenure of choice to an era where we have full-throated commonhold, which I hope has the support of many Members of this House.