Leasehold Reform At Last!

As practitioners are no doubt aware, the government has recently promised to finally reform the way that leasehold works, and to address the issues with commonhold. This has prompted By Lawyers to include three new precedents in the Enfranchisement guide:

• Memorandum of Association – Commonhold limited company
• Articles of Association – Commonhold limited company
• Community statement – Commonhold limited company

Wholesale reformation of the property ownership system is long overdue and it is hoped that amendments to the legislation will reassure lenders and developers, persuading them to leave the cosy confines of leasehold and finally embrace the brave new world of the commonhold system, 20 years after it was created. 
When the new rules are announced, we will, of course, review and amend our materials to ensure that users have access to the most up-to-date information. In the meantime, we will be keeping a close eye on the most positive news item of 2021 so far.