Some of Britain’s wealthiest property owners could see the value of their estates plummet if reforms outlined by the Law Commission go ahead.
The legal watchdog was asked by the government to look into areas of leasehold law, including ground rents and enfranchisement.
It’s proposals could see owners of leasehold homes saving tens of thousands of pounds when buying their freeholds. But it’s proposal to cap ground rents at just 0.1% of the properties full value could cost freeholders an estimated £16bn.
The Duke of Westminster and Earl Cadogan are understood to be considering a legal challenge to the proposals.
Campaigners, however, have attacked the proposals “nothing more than tinkering”.
