The Legal Sector Group (LSG) has published its complete proposals on leasehold reform.
The policy document is designed to reduce the potential for abuse of leasehold, speed up the leasehold conveyancing process, increase certainty for consumers and remove unreasonable costs.
The group is made up of the Conveyancing Association (CA), the Chartered Institute of Legal Executives (CILEx), Bold Legal Group (BLG) and The Society of Licensed Conveyancers (SLC).
The leasehold reform proposals have been split into eight key areas with specific policy initiatives for each.
Beth Rudolf, director of delivery at the Conveyancing Association, said: “The LSG, along with a number of notable stakeholders and contributors, have now been able to publish these leasehold reform proposals, which we believe point the way ahead for a 21st century leasehold process.
“We are looking forward to working with the Law Commission and the new Government in order to make these proposals a reality.”
Simon Law, chairman of the SLC, added: “The SLC has been advocating for many years that the serious shortcomings associated with leasehold title, and the process for buying and selling leasehold properties, are addressed for the benefit of homeowners.
“It is gratifying that the legal profession including solicitors, licensed conveyancers and chartered legal executives have come together to arrive at a common set of proposals for both the Law Commission and the government to consider.”
Martin Callan, president of CILEx, concluded: “CILEx hopes that the proposals will ensure fairness to consumers, speed up the sale and purchase of residential leasehold properties and lead to less abortive transactions and loss of fees.
“We, and the group, have been working towards this for some time and it is encouraging that lawyers are presenting proposals to the Law Commission that if implemented will have a major benefit for all.”