The Bill has made it through the House of Commons and has had two readings in the lords – the committee stage in the Lords is due for 22nd, 24th and 29th April and ends on 1st May.
The Lords will then produce a report and they have a third debate on the Bill (no dates are currently set for these stages) and then the Bill goes back to the Commons for consideration of amendments and Royal Assent.
But that will not be the end of the process – after than there will most likely be parliamentary procedures required to finalise the Bill and the Secretary of State will have to set percentages and other valuation variables to be used in the lease extension and freehold purchase calculation.
There is no guarantee that this can take place before the next general election. The outcome of this Bill is still not guaranteed.
My advice remains the same – if you have a low ground rent and a lease above 80 years unexpired and you want to extend your lease you should still consider proceeding now.
If you have a lease under 80 years or a high ground rent – and you are abe to wait, it might be worth waiting to see what happens with the Bill.
If you are still not sure what to do and you need advice – feel free to contact us
Email: amarsden@marsdensurveyors.co.uk
Web: www.marsdensurveyors.co.uk
For more information about the progress of the Bill visit https://bills.parliament.uk/bills/3523