Residential property partners Donall Murphy and Shabnam Ali-Khan are quoted in an article in The Law Society Gazette commenting on the Government’s ban on new leasehold flats and the transition to a commonhold system.
The article also delves into the broader challenges plaguing the conveyancing sector including capacity constraints, shrinking profit margins, the mass exodus of skilled practitioners and the impact of the increased stamp duty rate threshold for first-time buyers. It also scrutinises calls for the digitisation of the conveyancing process: whilst the shift would be transformative, lawyers suggest this needs to be carefully balanced against the risks of cybercrime and the complexities of navigating anti-money laundering regulations.
There are clear arguments for reform but if proposals become law, progress will come up against the lack of [commonhold] expertise [across the property sector].
Commonhold will give leaseholders control over the management of their buildings and do away with leases. There will be provisions to give more confidence to lenders too. These moves are heading in the right direction for many unhappy leaseholders…[however] with almost five million leasehold homes, the reality of a move away from leasehold is far off.
The full article is available to read online from the Law Society Gazette.
Donall Murphy is a partner in the property law and conveyancing team. He advises both buyers and sellers in relation to freehold and leasehold transactions, dealing with many high value properties in prime locations. Shabnam Ali-Khan is also a partner in the property law and conveyancing team and has a particular expertise in lease extension and enfranchisement matters.
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