Major change will offer homeowners a stake in the ownership of their structures and will hand them more power, control and security over their homes.

• Change will ensure flat owners are not second-class house owners which the unjust feudal leasehold system is brought to an end, structure on the Prepare for Change aspiration to increase living requirements
  
  Homeowners will have a stake in the ownership of their structures from the first day, not need to pay ground rent, and will acquire control over how their structures are run under significant strategies to bring the system to an end.
  
  Plans to reinvigorate commonhold and make it the default period have been announced today. Unlike leasehold ownership where third-party proprietors own buildings and make choices on behalf of property owners, these changes will empower effort property owners to have an ownership stake in their buildings from the beginning and will provide higher control over how their home is managed and the expenses they pay.
  
  Supporting delivery of a manifesto dedication - these reforms mark the start of completion for the feudal leasehold system. The modifications match the Prepare for Change milestone to develop 1.5 million homes, fighting the acute and entrenched housing crisis by making homeownership fit for the future, by putting people in control of the cash they invest on their home.
  
  Commonhold-type designs are used all over the world. The autonomy and control that it offers are considered given in lots of other countries. It can and does work and the government is determined, through both new commonhold advancements and by making conversion to commonhold simpler, to see it settle - so countless existing leaseholders can also benefit from this step modification in rights and security.
  
  Housing and Planning Minister Matthew Pennycook said:
  
  ” This federal government assured not just to provide immediate relief to leaseholders suffering now but to do what is needed to bring the feudal leasehold system to an end - which is precisely what we are doing.
  
  ” By taking definitive steps to reinvigorate commonhold and make it the default tenure, we will make sure that it is house owners, not third-party proprietors, who will own the structures they reside in and have a higher say in how their home is handled and the bills they pay.
  
  ” These reforms mark the beginning of the end for a system that has actually seen countless property owners subject to unjust practices and unreasonable expenses at the hands of their property owners and develop on our Plan for Change commitments to increase living standards and develop a housing system fit for the twenty-first century.”
  
  Following the introduction of an extensive new legal structure for commonhold, new leasehold flats will be prohibited, and in the meantime the federal government will continue to implement reforms to help millions of leaseholders who are currently suffering from unreasonable and unreasonable practices at the hands of unscrupulous freeholders and managing agents.
  
  The government has actually currently empowered leaseholders with more rights and security - enabling them to buy their freehold or extend their lease without having to wait 2 years from the point they acquired their residential or commercial property, and revamping the right to handle - putting more leaseholders in the driving seat of the management of their residential or commercial property and service fee.
  
  Progress will be made as rapidly as possible to make it more affordable and much easier for leaseholders to purchase their freehold or extend their lease, and to make it simpler for leaseholders to challenge unreasonable service charge boosts.
  
  Changes set out in the Commonhold White paper consist of:
  
  - New rules that will make it possible for commonhold to work for all kinds of developments, including mixed-use buildings and allowing shared ownership homes within a commonhold.
• Greater versatility over advancement rights, assisting designers construct with self-confidence and preserving safeguards for the consumer.
• Giving mortgage lenders higher assurance with new steps to safeguard their stake in buildings and secure the solvency of commonholds - such as compulsory public liability insurance coverage and reserve funds and greater oversight by commonhold system owners to keep expenses affordable.
• Strengthening the management of commonholds, with new rules around appointing directors, clear standards for repair work, and mandating usage of reserve funds