Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
The Welsh Government’s Leaseholder Support Scheme was launched in June 2022.
The Minister for Climate Change’s Written Statement on 23 January 2023 communicated that the eligibility criteria for the Scheme are being widened, ensuring those in greatest need can access support.
Written Statement: Building Safety in Wales (23 January 2023) | GOV.WALES
The recent cost of living crisis has created an untenable situation for many, and, going forward, the support offered through the Leaseholder Support Scheme now takes this into account. As was the case previously, the scheme provides access to free independent financial advice for relevant leaseholders and, if it is right for the household and the eligibility criteria are satisfied, the option for them to sell their property and either potentially rent back their home or move on.
The eligibility criteria of the scheme have changed in two fundamental ways:
The first is the assessment of financial hardship now takes into account the rising cost of energy. This is vital as it will increase recognition of those in significant financial hardship as a result of the recent increases to the energy price cap and will allow more people to access the scheme.
The second fundamental change is the removal of the Displaced Residents clause. Previously, to be eligible for the scheme, leaseholders had to either be residents, or be residents forced from their property due to changing circumstances. By removing this criterion, the scheme is now opened to leaseholders who have purchased properties as an investment, such as pensioners, or those who have received the leasehold through an inheritance.
The changes are intended to help more leaseholders in financial hardship receive the support they need.
More information you might find useful: