Leasehold reform is a term that refers to changes to the legal rules governing the ownership of leasehold properties. In IPA phonetic transcription, the word "leasehold" is spelled /liːshoʊld/, with the stressed syllable being "hold". The "e" in "lease" is pronounced as a long "e" sound, while the "o" in "hold" is pronounced as a long "o" sound. The word "reform" is spelled /rɪˈfɔːm/, with the first syllable being stressed and pronounced as a short "i" sound.
Leasehold reform refers to a range of measures and changes implemented to modify or update the legal framework governing leasehold property in a particular jurisdiction. These reforms aim to address any issues, imbalances, or shortcomings in the existing system, ensuring fairness, transparency, and improved rights and protections for leasehold property owners.
Leasehold refers to the legal arrangement where an individual owns a property for a fixed term, usually for several years but not outright ownership of the land. The leaseholder typically pays rent to the landlord or freeholder for the property and may have certain obligations outlined in the lease. However, leasehold property ownership can sometimes involve complex and unfair lease terms, escalating ground rents, insufficient resolution mechanisms for disputes, and limited control over the property.
Leasehold reform seeks to tackle these perceived problems and improve the rights of leaseholders. This can involve changes such as: capping ground rents to prevent excessive fees; extending lease terms to give leaseholders greater security and control; introducing clearer regulations and obligations for landlords and managing agents; streamlining enfranchisement and collective enfranchisement processes to allow leaseholders to buy the freehold or extend the lease more easily; and enhancing dispute resolution mechanisms to better handle leasehold disputes.
Ultimately, leasehold reform seeks to rebalance the power dynamics between leasehold property owners and landlords or freeholders by offering greater rights and protections to leaseholders, promoting fairness, and ensuring a more equitable and functional leasehold property market.