7th April - Tackling the Cost-of-Living Crisis for Leaseholders in Ipswich
- May 27
- 1 min read
Our Labour Government has published its draft Leasehold and Commonhold Reform Bill.
For too long, leaseholders and homeowners with unadopted estates have paid through the roof for substandard service from unscrupulous managing agents and freeholders.
Every year, homeowners pay £600 million to freeholders. And in 2024, service charges reached an average of £2,300 a year, increasing well above inflation.
Labour's Bill will take direct action on the cost-of-living crisis for leaseholders.
Our Government is capping ground rent at £250 a year, and moving to a peppercorn after 40 years.
The legislation also establishes commonhold as a default tenure, bans new leasehold flats, and creates a route for leaseholders who want to transition to commonhold to do so.
More plans are also in the works to make it easier for leaseholders to enfranchise, and to ensure that managing agents and freeholders are held to account for poor practice.
I know the costs which homeowners in our town are forced to pay for substandard service. Working people deserve managing agents and freeholders who work for them, and that is exactly what Labour’s Bill will achieve.
