The full text of the Bill has now been published and can be found at: https://services.parliament.uk/Bills/2017-19/leaseholdreform.html
Commenting, Justin Madders MP said:
“For all the talk of reforming the wild west world of leasehold, there has been precious little action from Government. Too many people are trapped in properties with unfair leases that a failed system has allowed to proliferate and there is little prospect of Government backed legislation coming to their rescue.
The Bill will allow people to purchase their freeholds in a simplified, efficient and reasonable way with the purchase price being no more than ten times the annual ground rent. That way, everyone knows where they stand and those who want to buy the freehold can do so quickly, for a fixed maximum and without the responsibility for the freeholders costs. The Bill also sets up a formal inquiry into the leasehold scandal so that we get the full picture on what has happened. There are still many unanswered questions about the role of developers, lenders and other advisers that we need to get to the bottom of so we have a house-building industry that works for the whole country.
As this is a private members Bill we are dependent on there being enough time in Parliament for it to be debated. As it looks extremely unlikely that we will have that opportunity, the Bill will only proceed if Government whips allow it to. That’s probably not going to happen but it serves as a prominent reminder that they must not forget the plight of existing leaseholders and that they need to act urgently to help them.”