Leasehold Reforms Become Law Without Cap on Ground Rent

Reforms to leasehold in England and Wales became law on Friday, but a promise to cap ground rents has been dropped. The Leasehold and Freehold Reform Bill was one of the bills that were rushed through Parliament before it shuts down for the general election on July 4. The government said homeowners will receive more rights, power, and protections under the new law, amid a warning that it’s “not the revolution that many leaseholders across the country have been desperate for.” Leasehold is a quasi-homeownership in which a leaseholder doesn’t own their home outright but has a tenant-landlord relationship with a freeholder, who owns the land....