The Intermediary Mortgage Lenders Association (IMLA) has announced that it welcomes the newly published recommendations from the Law Commission to transform home ownership for millions of people in England and Wales.

The Commission estimated that there are at least 4.3 million leasehold homes in England alone, and suggested that if enacted, its reforms would help those owners to pave the way for a system where flats are sold with freehold title – as part of a commonhold.

The reforms, laid out in three reports, will work in tandem with planned changes from the Government to create “fit-for-purpose home ownership” across England and Wales, the Commission added.

IMLA executive director, Kate Davies, suggested the changes would help to provide leaseholders with “greater control and flexibility” over their properties.

“They follow a report into leasehold reform published by the Housing Select Committee last year, which was highly critical of a number of aspects of the existing regime and made numerous recommendations for improvements,” Davies added.

“The Government responded positively to many of those recommendations, asking the Law Commission to investigate how various measures could be delivered. We supported many of the Select Committee’s recommendations and will continue to support reforms which will help buyers to avoid becoming victims of unfair leasehold practices, including onerous lease terms and unreasonable ground rents and service charges.

“Some of the proposals will require legislation, which will inevitably have to take its turn in the queue with other Parliamentary business, but we look forward to the introduction of significant beneficial changes for leaseholders.”

Share Story: