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It has been confirmed that the new Leasehold Reform (Ground Rent) Act 2022 will be coming into force on 30th June 2022.

What this means is that for any new leases on houses or flats the ground rent will be reduced down to a peppercorn rent.

A peppercorn rent ground rent is one that is very low or nominal.

While the ground rent can continue through the remainder of any old leases, for any new time added onto the lease this ground rent will be then reduced down to the peppercorn rents to match the new leases.

This news is some very welcome news to those who have or are looking at leasehold properties.

The full article can be found below