In theory, if the lease on a leasehold property expires, the property is automatically transferred back to the "freeholder" who owns the land.
James Khakpour-Smith, partner at Taylor Walton Solicitors said: “This is good news for the owners of leasehold flats and houses as many have been delaying their next move on the property ladder whilst they waited to see what would happen.
The fear of being stuck with a property with a lease that could expire or cost a fortune to extend is putting off buyers, and in turn this is making lenders wary of those homes as they are perceived to lose value over time.
End of a two-year leasehold rule to help millions of homeowners A CONTROVERSIAL rule has been axed giving millions the power to extend or buy their leases sooner.
This rarely happens in reality, but this is because leasehold owners end up paying to extend the lease term on their home, which can be very costly.
