Plans to abolish the leasehold system in England and Wales have reportedly been dropped. Housing secretary Michael Gove has previously promised to introduce legislation that would 'fundamentally reform' the leasehold system.
The system is a form of home ownership that provides householders the right to live in a property for a fixed number of years. But there have been mounting concerns about practices in the sector, including over the levying of hefty charges and a lack of transparency in the system.
A report in The Guardian has suggested that the abolishment of the system will no longer form part of a series of reforms which Mr Gove plans to announce in the coming weeks. The paper stated that Downing Street argued there is not enough time before the next general election to carry out the major reforms.
