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The Analysis News & Opinions


Proposals put forward for leasehold reform


Four major associations in the leasehold sector have put forward joint proposals for regulatory reform. The Legal Sector Group (LSG) – comprised of the Conveyancing Association, Chartered Institute of Legal Executives, Bold Legal Group, and the Society of Licensed Conveyancers – published their proposals on leasehold reform last month. Following the conclusion of the general


election, the LSG has written to the new housing minister, Alok Sharma, outlining the proposals and requesting a meeting to discuss them further. The group will present the proposals to the Law Commission. These proposals have been split into eight


key policy initiatives. These are: l Reasonable fees for administrative activities – covering a tariff of fees for quantifiable activities and the provision of standardised documents. l Reasonable timescales for administrative activities – creating obligations for the lease administrator in terms registration and their provision of information within a certain timescale. l Enforcement – with a mandatory requirement for all freehold management or leasehold administrators to be part of a redress scheme. l Unfair lease terms – covering initial lease terms, rent review clause, escalating ground rents, and exit/event or transfer fees. l Overhaul of tenure – covering a review of commonhold regulations and a further simplification of the process to extend leases and convert to freehold. l Building insurance – obligations for landlords and requirements for lease administrators to ‘shop around’. l Management regulation – covering reserve funds on leasehold/freehold management block and due costs of management charges. l Marketing of leasehold properties – covering the provision of upfront information on remaining term of the lease, ground rent, annual service charge, rent review clauses, and lease clauses.


8 Beth Rudolf, director of delivery at the


Conveyancing Association, said: “The LSG, along with a number of notable stakeholders and contributors, have now been able to publish these leasehold reform proposals, which we believe point the way ahead for a twenty-first century leasehold process. We have long campaigned for leasehold reform – it is a key work stream within our strategic plan – and we are now urging the powers that be to put in place a programme of change in order to provide both sellers and buyers of leasehold property with certainty, peace of mind, reasonable costs and a much greater degree of clarity in terms of what they are signing up to, and the responsibilities that are shared amongst those involved in their leasehold property.” Simon Law, chairman of the Society of


Licensed Conveyancers, added: “We have been advocating for many years that the serious shortcomings associated with leasehold title, and the process for buying and selling leasehold properties, are


addressed for the benefit of homeowners. It is gratifying that the legal profession including solicitors, licensed conveyancers and chartered legal executives have come together to arrive at a common set of proposals for both the Law Commission and the government to consider. “There is no individual or party better


placed than those legal professionals who serve their clients day in and day out in buying and selling leasehold properties to architect the much needed reforms set out in these proposals.” Martin Callan, president of CILEx,


added: “We hope that the proposals will ensure fairness to consumers, speed up the sale and purchase of residential leasehold properties and lead to less abortive transactions and loss of fees. We, and the group, have been working towards this for some time and it is encouraging that lawyers are presenting proposals to the Law Commission that, if implemented, will have a major benefit for all.”


Important commercial debate is planned


After a successful debate held earlier in May, CCRMagazine will again partner with Else Solicitors to produce a debate aimed at the commercial credit industry. Stephen Kiely, editor of CCRMagazine,


said: “We are often asked to fit more commercial debates into our busy schedule of round-table discussions. It is an area where there is so much knowledge and opinion to be shared, and senior commercial credit professionals are highly admirable in their willingness to help their fellow credit managers. “So we are delighted to again be working


with Else Solicitors. The discussion earlier in the year was a tremendous success, bringing so many ideas and concepts to the fore, so I


www.CCRMagazine.co.uk


am sure that we will be able to pick up several of these threads and also consider the most topical issues.” “In such a time of uncertainty, there is a


pressing need to share information and analysis in order to take measured and thought-out decisions. We are very proud to be providing another conduit for this important process to take place.”


July 2017


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