Martin Lewis' MSE issues warning to leasehold owners over new law

Martin Lewis' Money Saving Expert has issued a warning to leasehold owners. The BBC and ITV star's consumer group has issued a blog post today (Tuesday) warning: "Homeowners set to wait even longer for leasehold reform."

MSE said: "Homeowners will have to wait even longer for major leasehold reform after the Government described the previous attempt at overhauling the sector as "flawed"." In a statement to parliament, housing and planning minister Matthew Pennycook said the government plans its own white paper on reforms to commonhold for early next year.

Mr Pennycook said that while that legislation does not go far enough, it did introduce ‘necessary’ reforms that the Labour government intends to implement as soon as possible. However, Pennycook said he must balance ‘speed with care’ after ‘serious flaws’ were identified in the act.

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atherine Williams, co-founder of the National Leasehold Campaign, tweeted: "This] statement that has more clarity on the timeline we asked for. Your explanation why some aspects of LFRA need further work seem reasonable We hoped consultation days were over but wont balk at more if the end result abolishes #leasehold for ever."

Mark Chick, partner at London firm Bishop & Sewell and director of the Association of Leasehold Enfranchisement Practitioners, said: "It is clear that government recognises that changes to leasehold legislation are more complex than were first envisaged and we welcome the acknowledgement by the minister that there are specific and serious flaws within the legislation which must be resolved."

Campaign group Free Leaseholders tweeted: "Our worst fears about dither & delay have been confirmed today. Instead of ruthless delivery and taking on vested interests, this government appears to be burying leaseholders, the victims, in multi-year consultations."

Pennycook added that the act did not go far enough because it overlooked a number of Law Commission reform recommendations.