More than a lease of life

The government last week set out plans to improve the rights of leaseholders and introduce a new form of tenure, commonhold, which would enable tenants to own their property outright.

The draft Commonhold and Leasehold Reform Bill is designed to give leaseholders the opportunity to buy the freehold of their homes, and have an interest in a commonhold association that would own and manage the common parts of the developments.

It also offers those who do not wish to buy better options for managing their own homes.

Introducing the draft Bill, Lord Chancellor's Department minister David Lock said commonhold would provide a viable alternative to leasehold.

'In a commonhold there will be no landlord; no one will have rights in the property that are superior to the tenant's.'

The Bill was given a cautious welcome by the multi-disciplinary Leasehold Advisory Group, which includes London law firm Rooks Rider.

Partner Claire Foinette said the group was 'very pleased with certain aspects', such as the abolition of the resident's test, which currently means leaseholders must have lived in the premises for at least three years to be eligible for collective enfranchisement.

A Law Society spokeswoman said it would be 'scrutinising the Bill carefully, as it affects so many people'.

Victoria MacCallum