The UK government has announced plans to abolish the centuries-old leasehold system in England and Wales, aiming to grant homeowners greater autonomy over their properties. This significant shift involves replacing leasehold arrangements with the commonhold model, where homeowners own their flats outright and collectively manage shared areas.  

Empowering homeowners 

Under the current leasehold system, homeowners own their property for a fixed term but not the land it stands on, often leading to high service charges and limited control over property management. The transition to commonhold addresses these issues by eliminating ground rents and granting homeowners direct control over maintenance and related costs.  

Potential impact on property values 

The abolition of leasehold could influence property values in Wales. Homes transitioning to commonhold may become more attractive to buyers, potentially increasing demand and property values. However, the impact may vary depending on factors such as location and property type.  

Looking ahead 

The move towards commonhold represents a significant change in property ownership in Wales. Homeowners and prospective buyers should stay informed about these developments to understand how the abolition of leasehold may affect their property rights and values. 

Get in touch to take advantage of Wales' changing property market