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Major change will give property owners a stake in the ownership of their structures and will hand them more power, control and security over their homes.

• Change will ensure flat owners are not second-class house owners which the unfair feudal leasehold system is brought to an end, building on the Plan for Change ambition to increase living standards
  
  Homeowners will have a stake in the ownership of their structures from the first day, not need to pay ground lease, and will acquire control over how their structures are run under significant plans to bring the feudal leasehold system to an end.
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  Plans to renew commonhold and make it the default period have been announced today. Unlike leasehold ownership where third-party landlords own buildings and make choices on behalf of homeowners, these modifications will empower difficult working homeowners to have an ownership stake in their structures from the start and will provide them higher control over how their home is handled and the bills they pay.
  
  Supporting delivery of a manifesto commitment - these reforms mark the beginning of the end for the feudal leasehold system. The changes complement the Plan for Change milestone to construct 1.5 million homes, combatting the severe and established housing crisis by making homeownership suitable for the future, by putting individuals in control of the money they invest on their home.
  
  Commonhold-type designs are used all over the world. The autonomy and control that it supplies for are considered approved in many other countries. It can and does work and the government is figured out, through both new commonhold advancements and by making conversion to commonhold much easier, to see it settle - so countless existing leaseholders can likewise take advantage of this step modification in rights and security.
  
  Housing and Planning Minister Matthew Pennycook stated:
  
  " This federal government guaranteed not only to supply immediate relief to leaseholders suffering now however to do what is necessary to bring the feudal leasehold system to an end - which is specifically what we are doing.
  
  " By taking decisive steps to renew commonhold and make it the default tenure, we will guarantee that it is homeowners, not third-party property owners, who will own the buildings they live in and have a higher say in how their home is handled and the expenses they pay.
  
  " These reforms mark the start of completion for a system that has actually seen millions of property owners subject to unjust practices and unreasonable expenses at the hands of their property managers and construct on our Plan for Change commitments to drive up living requirements and produce a housing system suitable for the twenty-first century."
  
  Following the introduction of an extensive new legal structure for commonhold, brand-new leasehold flats will be banned, and in the meantime the government will continue to execute reforms to help countless leaseholders who are presently suffering from unjust and unreasonable practices at the hands of dishonest freeholders and handling agents.
  
  The federal government has currently empowered leaseholders with more rights and security - allowing them to buy their freehold or extend their lease without needing to wait two years from the point they acquired their residential or commercial property, and upgrading the right to manage - putting more leaseholders in the driving seat of the management of their residential or commercial property and service charges.
  
  Progress will be made as rapidly as possible to make it more affordable and easier for leaseholders to buy their freehold or extend their lease, and to make it easier for leaseholders to challenge unreasonable service charge boosts.
  
  Changes set out in the Commonhold White paper include:
  
  - New rules that will make it possible for commonhold to work for all types of developments, consisting of mixed-use structures and allowing shared ownership homes within a commonhold.
• Greater flexibility over advancement rights, assisting developers construct with confidence and keeping safeguards for the consumer.
• Giving mortgage lending institutions higher assurance with new steps to secure their stake in buildings and protect the solvency of commonholds - such as mandatory public liability insurance coverage and reserve funds and greater oversight by commonhold system owners to keep costs affordable.
• Strengthening the management of commonholds, with brand-new guidelines around selecting directors, clear requirements for repairs, and mandating use of reserve funds