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Leasehold Reform (Ground Rent) Act 2022

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Leasehold Reform (Ground Rent) Act 2022
Act of Parliament
Long titleAn Act to make provision about the rent payable under long leases of dwellings; and for connected purposes.
Citation2022 c. 1
Introduced byMichael Gove, Secretary of State for Levelling Up, Housing and Communities (Commons)
Territorial extent England and Wales
Dates
Royal assent8 February 2022
Commencement1 April 2023
Status: Current legislation
Text of statute as originally enacted
Text of the Leasehold Reform (Ground Rent) Act 2022 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.

The Leasehold Reform (Ground Rent) Act 2022 (c. 1) is an act of the Parliament of the United Kingdom. It defined the peppercorn rent as a price of one peppercorn per year and prohibited ground rent greater than that price on new leases.[1][2]

Rising ground rents had prevented purchasers of leasehold properties in England from selling their homes since lenders refused to approve mortgages.[2] This act is a part of the UK government's programme to reform the leasehold system.[3]

See also

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References

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  1. ^ "Leasehold Reform (Ground Rent) Act 2022", legislation.gov.uk, The National Archives, 2022 c. 1
  2. ^ a b "Leasehold scandal: ground rents on new leases to be banned from 30 June". Which?. 10 June 2022. Retrieved 12 March 2023.
  3. ^ "Future homebuyers to be freed from expensive ground rent bills on 30 June". 22 April 2022. Retrieved 12 March 2023.