00:00This ambitious piece of legislation will modernise property law, deliver a fair and efficient
00:05modern housing market and, most importantly, transform the experience of home ownership
00:09for millions of leaseholders across the country.
00:12The draft bill includes the following key provisions.
00:15A new legal framework for commonhold to reform and reinvigorate this radical improvement on
00:20leasehold ownership.
00:22A statutory restriction on new leasehold flats to ensure that in future commonhold is the
00:27default tenure.
00:29A new process for converting to commonhold from leasehold to make conversion easier
00:34so more homeowners can enjoy this improved form of ownership.
00:38The abolition of leasehold forfeiture and its replacement with a fairer system of lease enforcement.
00:43The repeal of draconian powers relating to rent charges on freehold estates and the capping
00:49of ground rent for older leases at £250 per year, changing to a peppercorn after 40 years.
00:55So, let's take a look.
00:58So, let's take a look.
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