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Major modification will give house owners a stake in the ownership of their buildings and will hand them more power, control and security over their homes.

• Change will make sure flat owners are not second-class property owners which the unjust feudal leasehold system is brought to an end, building on the Prepare for Change aspiration to drive up living requirements
  
  Homeowners will have a stake in the ownership of their structures from the first day, not have to pay ground rent, and will get control over how their buildings are run under major strategies to bring the feudal leasehold system to an end.
  
  Plans to reinvigorate commonhold and make it the default tenure have been announced today. Unlike leasehold ownership where third-party property owners own structures and make on behalf of property owners, these modifications will empower effort house owners to have an ownership stake in their buildings from the outset and will provide higher control over how their home is managed and the expenses they pay.
  
  Supporting shipment of a manifesto dedication - these reforms mark the beginning of the end for the feudal leasehold system. The changes match the Plan for Change turning point to develop 1.5 million homes, fighting the severe and established housing crisis by making homeownership fit for the future, by putting individuals in control of the cash they invest on their home.
  
  Commonhold-type designs are used all over the world. The autonomy and control that it offers are considered granted in lots of other nations. It can and does work and the federal government is determined, through both new commonhold developments and by making conversion to commonhold easier, to see it settle - so millions of existing leaseholders can likewise take advantage of this step change in rights and security.
  
  Housing and Planning Minister Matthew Pennycook stated:
  
  " This federal government guaranteed not just to offer immediate relief to leaseholders suffering now however to do what is necessary to bring the feudal leasehold system to an end - and that is specifically what we are doing.
  
  " By taking decisive actions to reinvigorate commonhold and make it the default period, we will make sure that it is property owners, not third-party property owners, who will own the buildings they reside in and have a higher say in how their home is handled and the bills they pay.
  
  " These reforms mark the beginning of the end for a system that has actually seen countless homeowners subject to unreasonable practices and unreasonable costs at the hands of their landlords and develop on our Plan for Change dedications to drive up living requirements and produce a housing system fit for the twenty-first century."
  
  Following the introduction of an extensive new legal framework for commonhold, new leasehold flats will be banned, and in the meantime the federal government will continue to implement reforms to assist countless leaseholders who are presently suffering from unjust and unreasonable practices at the hands of unscrupulous freeholders and handling agents.
  
  The government has already empowered leaseholders with more rights and security - allowing them to buy their freehold or extend their lease without having to wait 2 years from the point they bought their residential or commercial property, and revamping the right to manage - putting more leaseholders in the driving seat of the management of their residential or commercial property and service fee.
  
  Progress will be made as rapidly as possible to make it cheaper and easier for leaseholders to buy their freehold or extend their lease, and to make it simpler for leaseholders to challenge unreasonable service fee increases.
  
  Changes set out in the Commonhold White paper include:
  
  - New guidelines that will enable commonhold to work for all kinds of developments, consisting of mixed-use structures and enabling shared ownership homes within a commonhold.
• Greater flexibility over advancement rights, helping developers construct with confidence and maintaining safeguards for the consumer.
• Giving mortgage lending institutions greater guarantee with brand-new measures to protect their stake in buildings and safeguard the solvency of commonholds - such as obligatory public liability insurance coverage and reserve funds and greater oversight by commonhold unit owners to keep expenses cost effective.
• Strengthening the management of commonholds, with new rules around appointing directors, clear requirements for repairs, and mandating use of reserve funds