Residential Leasehold

Lord Young of Cookham Excerpts

Wednesday 17th May 2023 Lords Chamber

[Baroness Scott of Bybrook (Con)]

My Lords, as I have said before, property law is fiendishly complex. It is absolutely right that the Government take the time needed to make sure that the reforms are right. As I have said before, the Government will bring reforms to the leasehold system in this Parliament, but I cannot pre-empt the King’s Speech by confirming at this time what will or will not be in future legislation.

[Lord Young of Cookham (Con)]

My Lords, has my noble friend read the article in last Sunday’s Sunday Times, which outlined the problems facing leaseholders who want to extend their lease? Because of the uncertainty to which the noble Lord has just referred, they do not know whether to extend their lease now or wait until the legislation that has been proposed, which may enable them to extend on fairer terms. This blight is beginning to affect the market in leasehold. Is not it important that the Government are clear as soon as possible as to what their proposals will be?

[Baroness Scott of Bybrook (Con)]

I understand the concerns, and yes, the Government will be as clear as they possibly can, when they can. Importantly, every leaseholder is in a very different situation and has different considerations. Specialist legal advice should be taken by leaseholders at this time if they are considering enfranchisement or extensions. The Association of Leasehold Enfranchisement Practitioners and the Leasehold Advisory Service can offer that advice to leaseholders, and I urge them to take it in this time, before we can make any further announcements.