Housing: Leasehold

Baroness Scott of Needham Market Excerpts

Tuesday 5th January 2021 Lords Chamber

[Lord Greenhalgh (Con)]

My Lords, there is no doubt that you need to turn to lawyers to know how long it will take to turn these things round quickly. We need primary legislation. I have been told by Professor Hopkins, who was in charge of the Law Commission work, that the preparations to get primary legislation ready for consideration by noble Lords will take approximately one year, so we are probably talking about the third Session.

[Baroness Scott of Needham Market (LD) [V]]

My Lords, as the noble Lord, Lord Young, said, commonhold is often a much better option than the current leasehold system. However, despite that, many mortgage lenders are reluctant to lend on a commonhold basis. What discussions have taken place with mortgage lenders to try to unblock this?

[Lord Greenhalgh (Con)]

Commonhold exists today but the noble Baroness is absolutely right that this will require change, which is always difficult. Never underestimate the power of the status quo. Discussions have happened and will continue to take place with interested parties such as the lenders, which are so important to making this a success.