Ground Rents Income Fund PLC Update on Leasehold Reform proposals (1031L)
January 11 2021 - 2:00AM
UK Regulatory
TIDMGRIO
RNS Number : 1031L
Ground Rents Income Fund PLC
11 January 2021
11 January 2021
Ground Rents Income Fund plc
(the "Company")
Update on Leasehold Reform proposals
The Company notes the announcement published on 7 January 2021
by the Ministry of Housing, Communities & Local Government,
detailing its proposals to reduce future residential ground rents
to zero and offer leasehold consumers a new right to extend their
residential leases by up to 990 years in return for a premium.
Legislation setting future ground rents to zero is expected during
2021, with legislation relating to new lease extension rights
expected to follow.
The Company welcomes the Government's efforts to work with
industry to make the lease extension process simpler and more
effective, promoting a more equitable, transparent system for
consumers, but as the Law Commission has previously stated, any
potential reform will need to ensure sufficient compensation for
landlords to reflect their legitimate property interests.
The Company will continue to engage with policymakers to
understand the details of today's proposals and work towards
meaningful reform that protects all stakeholders in the sector. The
Company will monitor developments and provide further updates when
it is appropriate to do so.
Contacts:
Schroder Real Estate Investment
Management
James Agar / Matthew Riley 020 7658 6000
N+1 Singer (Broker)
James Maxwell / Kailey Aliyar 020 7496 3000
Appleby Securities (Channel Islands)
Limited (Sponsor)
Andrew Weaver 01534 888 777
FTI Consulting
Dido Laurimore / Richard Gotla /
Meth Tanyanyiwa 020 3727 1000
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