New proposals to make it cheaper and easier for leaseholders in England and Wales to buy the freeholds of their buildings have been announced by the Government.
Under the plans, leaseholders in buildings where there is a mixture of homes and non-residential facilities will have more freedom to manage or own their properties.
At the moment leaseholders cannot bid to take control of their building if shops and other similar properties take up over 25% of the total floorspace. The Government is proposing to increase this limit to 50%.
A consultation on the proposals will also explore making it cheaper for leaseholders to collectively buy their freehold.
Leasehold minister, Lord Stephen Greenhalgh, said: 'The current leasehold system is outdated, unbalanced and broken and we are determined to fix it.
'Our proposals aim to rebalance power and should see more leaseholders than ever before owning the full rights to their homes.?'
The Government is also asking for views on the greater use of commonhold, which enables homeowners to collectively own the building their flat is in from the outset.
