New Leasehold Property Law
Simon discusses the new property laws outlined in the King's Speech that will impact homeowners and landlords, with a focus on the reform bill that aims to make it easier and more affordable for leaseholders to purchase their freehold and challenge excessive service charges. Simon also explains the background of leasehold and freehold properties and highlights the issue of some house builders selling leasehold properties instead of freehold ones. KEY TAKEAWAYS The new reform bill mentioned in the King's Speech aims to make it cheaper and easier for leaseholders to purchase their freehold and fight excessive service charges. This is expected to have a positive impact on millions of homeowners and landlords. The reform bill empowers leaseholders by allowing them to extend their lease without having to be the owner for two years. It also allows for longer lease extensions, potentially up to 970 years. The value of freeholds is expected to dramatically fall due to the proposed changes, which may impact property developers who sell freeholds as long-term investments. The government plans to cap the commission that insurance brokers can take from leaseholders for insurance policies, particularly those related to fire risks. This is aimed at preventing brokers from making excessive profits. BEST MOMENTS "The new reform bill is going to affect the housing market by making it cheaper and easier for leaseholders to purchase their freehold and fight excessive service charges." "I think this reform is really, really good. It's empowering leaseholders to take more control over the property." "The fact that the government wants to cap the commission brokers can take to a maximum of 15% is a really good thing." "I would question some of the things they've done within the housing sector over the last five or six years." VALUABLE RESOURCES To attend your first pin meeting as Simon's guest visit http://www.pinmeeting.co.uk/, find your local meeting, and at the bottom of the page where you normally pay £20, click on where is says "pay with a voucher code" and use this code: PODCAST. This will by pass the payment page and you can attend your first pin meeting for free. Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi Find out about the Global PIN Meetings at www.globalpinmeeting.com To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20). iphone: http://bit.ly/pinAPP1 Android https://bit.ly/pinAPP2 Register at Mindset For Property at - www.mindsetforproperty.co.uk Contact and follow Simon here: Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/ Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.