King Charles III Speech 2023 – Property Update

During the first King's Speech for over 70 years King Charles III made widely anticipated announcements concerning leasehold property and the introduction of a Leasehold and Freehold Reform Bill.

"My Ministers will bring forward a bill to reform the housing market by making it cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of homeowners through punitive service charges."

The purposes of the bill is to increase the rights of existing leaseholders and to improve leaseholders rights as consumers. A summary of the proposals are:

• Make it cheaper and easier for leaseholders extend their leases, or buy their freehold. This will apply to leaseholders of both flats and houses.