The Government will reform leasehold tenure in England and Wales to make buying or extending lease agreements “easier, faster, fairer and cheaper", through a two-part legislative process.
If you sell holiday lodges you need to know about the Leasehold Reform (Ground Rent) Bill, which was introduced into the House of Lords on 12 May 2021, and is going through Parliament at the moment.
The Bill proposes to fulfil the commitment to “set future ground rents to zero”, restricting some new leases in England and Wales to a peppercorn rent. It only applies to leases and not licence agreements and will not apply to all lodges sold on leases. However, it may apply to some which are sold after 1 April 2023.
For the full Leasehold Reform (Ground Rent) Bill and future legislation please visit the Commons Library website.
How can Tozers help?
For and help or advice on how this may affect your holiday park please contact our dedicated Parks team to discuss the best legal structure for selling lodges.