LEASEHOLD RELATIVITY

That this House believes that, in determining the price for a residential lease extension, relativity, which is the ratio of leasehold value without rights to freehold value, should be set according to empirical evidence untainted by the effects of the 1993 Leasehold Reform, Housing and Urban Development Act 1993 and untainted by most existing relativity graphs; further believes that injustice to leaseholders is perpetuated in the current situation by relying upon relativity graphs which have no pre-1993 market evidence and lack robust methodology; declares that the current situation is not in the public interest and that it means leaseholders are overpaying for their lease extensions by thousands, and often tens of thousands, of pounds; and calls on the Government to end this injustice to millions of leaseholders.