1/10 #EndOurCladdingScandal and #leaseholdreform will both feature in the House of Lords this afternoon.
At around 1 p.m. @BishopStAlbans will be asking what steps the government has taken to identify the number of leaseholders at risk of bankruptcy.
At around 1 p.m. @BishopStAlbans will be asking what steps the government has taken to identify the number of leaseholders at risk of bankruptcy.
2/10 We can expect that the answer is "none" and to hear a a repeat of the same platitudes regarding £5.1 billion of funding and its £50/month #forcedloans scheme.
The question keeps the issue high on the political agenda and is likely to be a further embarrassment for the gov't
The question keeps the issue high on the political agenda and is likely to be a further embarrassment for the gov't
3/10 At around 2.40 this afternoon the Leasehold Reform (Ground Rent) Bill will have its Second Reading.
This will last about 3 hours. The purpose of the debate is to discuss the general principles of the bill.
This will last about 3 hours. The purpose of the debate is to discuss the general principles of the bill.
4/10 The bill is welcome and vitally important because it cuts off the head of the snake that is the freehold investment industry, at least in the future.
Watch for grumblings from the landlord lobby about how removing ground rents will reduce quality of management in the future
Watch for grumblings from the landlord lobby about how removing ground rents will reduce quality of management in the future
5/10 There is no substance to this argument that without professional freeholders buildings will be managed incompetently by the people living in them.
All the current industry does is take leaseholders' money with both hands
All the current industry does is take leaseholders' money with both hands
6/10 The cladding issue shows that if professional freeholders and their managing agents cannot take money for major works from leaseholders, they have nothing to offer toward solving long-term problems such as #EndOurCladdingScandal
7/10 And in jurisdictions where there have been cladding problems, such as Australia, strata owners (the leaseholder equivalents) have managed to organise themselves perfectly well and to ring concessions from their governments without managing agents' help.
8/10 The plain fact of the matter is the rest of the world manages perfectly well without any external freeholders.
Recent work from the Law Commission, together with the new Commonhold Council, is aiming to improve the legal structure so that is possible here.
Recent work from the Law Commission, together with the new Commonhold Council, is aiming to improve the legal structure so that is possible here.
9/10 The question (at around 1 p.m.) and debate (at around 2.40 p.m.) will be shown on Parliament Live here: parliamentlive.tv/Event/Index/c0…
10/10 This article has some thoughts on the bill and the challenges and opportunities it presents: leaseholdknowledge.com/the-leasehold-…
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