Matthew Pennycook MP
Labour MP for Greenwich and Woolwich | Minister of State for Housing and Planning | Email: matthew.pennycook.mp@parliament.uk
- This government is determined to unleash ambitious and high-quality sustainable growth in Greater Cambridge. We have today launched a consultation on proposals to establish a centrally-led Urban Development Corporation for the area 👇🏻 www.gov.uk/government/c...
- In the wake of the publication of our draft Commonhold and Leasehold Reform Bill on Tuesday, lots of existing leaseholders have been in touch seeking clarity as to when the government plans to make it cheaper and easier to extend a lease or buy a freehold 🧵
- Among the provisions of the Leasehold and Freehold Reform Act 2024 which was passed in the dying days of the last Parliament is a new method for calculating the price of a statutory lease extension or freehold acquisition, known as the valuation process.
- The Act's revised valuation process will remove the requirement for marriage value to be paid; cap the treatment of ground rents in the valuation calculation at 0.1% of the freehold value; and allow government to prescribe the rates used to calculate the enfranchisement premium.
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View full threadWhile it is important that we take the time to ensure that reforms are watertight, I appreciate fully the need to act as quickly as we can to provide relief for leaseholders across the country, particularly those with leases approaching 80 years.
- Planning reform alone won’t solve the housing crisis. To ramp up housing supply, we also need to diversify the housing market, transform the housebuilding industry and use the full power of the state to drive development outcomes 👇🏻 www.ft.com/content/9dae...
- Further evidence that the reforms we've made to the housing and planning system over the past 18 months are bearing fruit. This Labour government is acting to deliver high and sustainable rates of housebuilding in the years ahead.
