The official name is ‘Leasehold Reform (Ground Rent) Act 2022’ and comes into effect from 30th June 2022 for all residential leases in England and Wales. Retirement properties will not come under the legislation until 1st April 2023. The legislation states that the ground rent for all new residential leases created from 30th June must only be a peppercorn amount, in other words ‘zero’. Where an existing lease is extended as part of an agreement or voluntary renewal then any ground rent can continue for the remainder of the lease.
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