Speaking solely to Neg, the boss (pictured) of Freehold Collective Mike Susekh (pictured) advises homeowners to “hold their lives” waiting for the government to reform the “feudal” debt system.
He says there is much to be done now so that leaseholders can manage their own costs of ownership. 
Lease Extension Function
If the lease is less than 80 years left, the owner says it should act to expand it immediately to avoid a dramatic decline in the value of the property or to avoid having to return the key to the landlord.
The first step is to apply for a statutory lease extension under the 1993 Lease Reform, Housing and Urban Development Act.
The first step is to apply for a statutory lease extension under the 1993 Act. ”
Under the new Leasehold and Freehold Reform Act of 2024, marriage values have been “abolized.” This has proven highly controversial, as freeholders no longer share the value uplift from longer leases and is the subject of several legal challenges that could delay or negate the savings of lessors.
Right to control
According to Somekh, the right of control (RTM) provision allows lease owners in buildings with at least two flats to take over management of the building from the freeholder from the limited company without having to prove bad management. This allows you to set a budget for building maintenance and improvements. The downside is that the landlord is allowed to sit on its management board.
Additionally, freeholders still control the level of land rent, the length of the lease, and the right to build more flats and rent the land.
Collective domination
According to Somekh, this is the best option as it provides lease owners with full ownership and management of the building. The purchase of freehold rights is a joint process, involving a group of leaseholders who agree to purchase freeholds of the building. The leaseholder will effectively become a freeholder, establishing its own service charge, establishing ground rent, and extending all leases to 999.
There are certain eligibility criteria, such as the majority of flat owners who agree to the action. It is similar to a mandatory purchase order, and the landlord is legally obligated to sell.
However, this process is extremely complicated and success depends on unifying the lease shareholders. ”
However, this process is extremely complicated and success depends on the unification of the leaseholder. However, the benefits are quite numerous, and the value of the property can increase by more than 15%.
usually
One of the most anticipated changes is the proposal to replace the leasehold rights normally, but Somekh says it is unlikely that this will occur until the end of this legislature, with many serious drawbacks as well.
He explains that it usually means that homeowners can each invest in the building and either oversee governance and management, or introduce a managing agent.
The law has been around since 2002, but in 21 years only 300 homes and 20 buildings have been registered. The main pitfall is reaching consensus among ordinary people over spending. It's not affordable for others.
Furthermore, replacing the lease with a banned regular community statement would not suit many building needs. Directors are exposed to individual debts. There is no case law to deal with disputes between neighbors, and no real authority to deal with people who do not pay the service fee or associations in the event that they are liquidated.
