freehold

Under the English and Welsh legal system, the freehold is now subject to an unusual and ancient process known as "escheat".

People may extend their lease or buy the freehold, but this has been complicated, expensive, and involved legal fees.

Reforms to leasehold and freehold became law on Friday - one of the last pieces of legislation to make it through Parliament before it was shut down for the general election.

This new law aims to make it cheaper and easier for more people to extend their lease, buy their freehold and take over management of their building.

Reforms to leasehold and freehold in England and Wales have become law – but without a promised cap on ground rents.