Changes to Leasehold Reform

Leasehold reform continues to be a significant area of change. Recent legislation has focused on extending lease terms and reducing ground rents, aiming to give leaseholders more security and fairness. Many leaseholders are now able to extend their lease to a much longer term, effectively removing the previous concerns about lease expiration. The reduction in ground rents, often to a nominal amount, significantly reduces the financial burden for leaseholders, particularly beneficial for those approaching the end of their current lease terms. These changes vary depending on the specific legislation in your region, so it is advisable to seek professional legal advice to understand the implications for your property.

Modern Slavery Act 2015 and its Impact on Property

The Modern Slavery Act 2015 has indirectly impacted property law, particularly in the context of due diligence. Property developers and owners now have a legal responsibility to consider the potential for modern slavery in their supply chains. This means scrutinizing the sourcing of materials and the labor practices of contractors involved in construction or renovation projects. Failure to demonstrate adequate due diligence can lead to significant legal and reputational repercussions. The increased focus on ethical sourcing and transparency is shaping the way property transactions are conducted, with buyers and investors increasingly demanding evidence of ethical practices from developers and sellers.

Right to Repair Legislation

Recent years have seen a surge in legislation aimed at improving building standards and protecting homeowners. The “Right to Repair” initiatives, though their specific form varies across different jurisdictions, aim to give homeowners greater rights to pursue repairs for defects in their properties, especially in new builds. This involves stronger enforcement of building regulations and clearer pathways for homeowners to pursue legal action against developers or builders if defects are discovered. This has shifted the