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Millions of homeowners in England will be given a new right to extend their lease by 990 years and not have to pay any ground rent, while extending a lease or buying a freehold will also become cheaper for many, under sweeping new Government reforms.
Around 4.5 million people in England currently own their home on a leasehold basis - typically flat owners and some new-build property owners. That means while you own the property, you don't own the land it sits on. The land is instead owned by a freeholder, which can be an individual or a management company, and you typically have to pay rent to them on an annual basis (known as 'ground rent') for a set number of years...Read More
