assignment leases or rents

Assignment Of Leases And Rents

Jump to section, what is an assignment of leases and rents.

The assignment of leases and rents, also known as the assignment of leases rents and profits, is a legal document that gives a mortgage lender right to any future profits that may come from leases and rents when a property owner defaults on their loan. This document is usually attached to a mortgage loan agreement.

Assignment of leases and rents allows lenders to a degree of financial protection in case a loan default occurs. This document is an agreement made between a borrower and a lender of mortgage loans. It often details an exact amount the lender will be entitled to if a default happens.

Common Sections in Assignments Of Leases And Rents

Below is a list of common sections included in Assignments Of Leases And Rents. These sections are linked to the below sample agreement for you to explore.

Assignment Of Leases And Rents Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.9 10 d368735dex109.htm ASSIGNMENT OF LEASES AND RENTS , Viewed October 4, 2021, View Source on SEC .

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Lawyers with backgrounds working on assignments of leases and rents work with clients to help. Do you need help with an assignment of leases and rents?

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Jonathan G.

Small Business Attorney licensed in Texas and Colorado. Based in Dallas, appointments available in DFW area.

A business-oriented, proactive, and problem-solving corporate lawyer with in-house counsel experience, ensuring the legality of commercial transactions and contracts. Michael is adept in reviewing, drafting, negotiating, and generally overseeing policies, procedures, handbooks, corporate documents, and more importantly, contracts. He has a proven track record of helping lead domestic and international companies by ensuring they are functioning in complete compliance with local and international rules and regulations.

I am an attorney with six years of experience drafting and negotiating a wide variety of business contracts, in industries including technology and software, finance, professional services, hospitality, and non-profits.

Attorney Joshua K. S. Cali is a respected business, estate planning, and real estate attorney based in Ashland serving Middlesex County and other nearby areas. Joshua graduated summa cum laude from Bentley University in Waltham, MA, and from UCLA School of Law in Los Angeles. Before starting his own firm, Joshua practiced estate planning for high net worth clients at a boutique law firm in San Diego, CA.

Businesses, Contracts, Operating Agreements, Corporate, Real Estate, Start-Ups, Cannabis

Drew is an entrepreneurial business attorney with over twenty years of corporate, compliance and litigation experience. Drew currently has his own firm where he focuses on providing outsourced general counsel and compliance services (including mergers & acquisitions, collections, capital raising, real estate, business litigation, commercial contracts and employment matters). Drew has deep experience counseling clients in healthcare, medical device, pharmaceuticals, information technology, manufacturing, and services.

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Assignment of Rents – What, Why, and How?

Article by:

Madelaine prescott, esq., share this post:.

• November 29, 2023

These days, almost all commercial loans include an Assignment of Rents as part of the Deed of Trust or Mortgage. But what is an Assignment of Rents, why is this such an important tool, and how are they enforced?

An Assignment of Rents (“AOR”) is used to grant the lender on a transaction a security interest in existing and future leases, rents, issues, or profits generated by the secured property, including cash proceeds, in the event a borrower defaults on their loan. The lender can use the AOR to step in and directly collect rental payments made by the tenant. For an AOR to be effective, the lender’s interest must be perfected, which has a few fairly simple requirements. The AOR must be in writing, executed by the borrower, and recorded with the county where the property is located. Including an AOR in the recorded Deed of Trust or Mortgage is the easiest and most common way to ensure the AOR meets these requirements should it ever need to be utilized.

When a borrower defaults, lenders can take advantage of AORs as an alternative to foreclosure to recoup their investment. With a shorter timeline and significantly lower costs, it is certainly an attractive option for lenders looking to get defaulted borrowers back on track with payments, without the potential of having to take back a property and attempting to either manage it or sell it in hopes of getting your money back out of the property. AORs can be a quick and easy way for the lender to get profits generated by the property with the goal of bringing the borrower out of default. But lenders should carefully monitor how much is owed versus how much has been collected. If the AOR generates enough funds so that the borrower is no longer in default, the lender must stop collecting rents generated by the property.

Enforcement of an AOR can also incentivize borrowers to work with the lender to formulate a plan, as many borrowers rely on rental income to cover expenses related to the property or their businesses. Borrowers are generally more willing to come to the table and negotiate a mutual, amicable resolution with the lender in order to protect their own investment. A word of warning to lenders though: since rental income is frequently used to pay expenses on the property, such as the property manager, maintenance, taxes, and other expenses, the lender needs to ensure they do not unintentionally hurt the value of the property by letting these important expenses fall behind. This may hurt the lender’s investment as well, as the property value could suffer, liens could be placed on the property, or the property may fall into disrepair if not properly maintained. It is also important for lenders to be aware of the statutes surrounding the payment of these expenses when an AOR is being used, as some state’s statutes require the lender to pay certain property expenses out of the collected rents if requested by the borrower.

In addition to being shorter and cheaper than foreclosure, AORs can be much easier to enforce. In California, the enforcement of an AOR is governed by California Civil Code §2938. This statute specifies enforcement methods lenders can use and restrictions on use of these funds by the lender, among other things. Under CA Civil Code §2938(c), there are 4 ways to enforce an AOR:

• The appointment of a receiver;
• Obtaining possession of the rents, issues, profits;
• Delivery to tenant of a written demand for turnover of rents, issues, and profits in the correct form; or
• Delivery to assignor of a written demand for the rents, issues, or profits.

One or more of these methods can be used to enforce an AOR. First, a receiver can be appointed by the court, and granted specific powers related to the AOR such as managing the property and collecting rents. They can have additional powers though; it just depends on what the court orders. This is not the simplest or easiest option as it requires court involvement, but this is used to enforce an AOR, especially when borrowers or tenants are uncooperative. Next is obtaining possession of the rents, issues, profits, which is exactly as it seems; lenders can simply obtain actual possession of these and apply the funds to the loan under their AOR.

The third and fourth options each require delivery of a written demand to certain parties, directing them to pay rent to the lender instead of to the landlord. Once the demand is made, the tenant pays their rent directly to the lender, who then applies the funds to the defaulted loan. These are both great pre-litigation options, with advantages over the first two enforcement methods since actual possession can be difficult to obtain and courts move slowly with high costs to litigate. The written demands require a specific form to follow called the “Demand To Pay Rent to Party Other Than Landlord”, as found at CA Civil Code §2938(k). There are other notice requirements to be followed here, so it is essential to consult with an experienced attorney if you are considering either of these options. California Civil Code §2938 specifically provides that none of the four enforcement methods violate California’s One Action Rule nor the Anti-Deficiency Rule, so lenders can confidently enforce their AORs using the above methods with peace of mind that they are not violating other California laws.

Whether you are looking to originate a new loan, or you are facing a default by your borrower, understanding what an Assignment of Rents is and how it operates can be extremely beneficial. Enforcing an AOR can be an easier option than foreclosure and can help promote a good relationship with your borrower when handled correctly. If you have any questions about AORs, or need further details on how to enforce them, Geraci is here to help.

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• Estate Planning & Probate

Assignment of Rents & Leases

Assignment of rents and leases in business and real estate transactions.

An “Assignment of Rents and Leases” is a crucial legal instrument that significantly impacts commercial and residential real estate, and mergers and acquisitions of real estate. Having a properly drafted and executed assignment means the rights and assets that are transferred give the new party (the assignee) the right to receive payments.

What is an assignment of rents and leases?

An assignment of rents and leases is a legal agreement in which the individual or company entitled to receive payments transfers that right to another party. Most often, this occurs (1) when a property owner hires a property manager, or (2) in acquisitions, such as a property management company selling their accounts to another property management company or a commercial landlord selling their portfolio to a buyer.

How is an assignment of rents and leases used?

This arrangement is often utilized in business sales, account sales, financing, and investment transactions as a means of securing debt or protecting the interests of the lender or property owner.

In the financing context, an assignment often grants the lender or assignee the authority to collect and apply the rents from the property should the borrower default on their loan; this is important when the borrower collateralizes real estate in order to receive the loan. In a property management context, an assignment often serves to effectively transfer management rights to the new company.

An assignment of rents and leases is probably most commonly used in a commercial real estate context when there is a sale of a commercial property, or in the residential real estate context when there is a change in property managers.

What terms should be included in an assignment of rents and leases?

Certain components should be included in a proper assignment. Here are a few of the foundational terms for an assignment of rents and leases:

• Parties. All parties should be clearly identified and defined. This can include the borrower, lender, assignee, assignor, successor, etc.
• Property description. The real estate parcel(s) involved in the assignment should be described by legal description, street address, and more.
• Lease terms, rents, and disclosures. The actual lease agreements that are being transferred to the new landlord, property manager, lender, etc. should be provided to the assignor/successor, along with an easy-to-read schedule of rents and other crucial details per parcel or premises.
• Rights and obligations. Each party should have their rules, permissions, and contractual rights and obligations outlined in the assignment language. The rights and obligations of each stakeholder will be widely varied based on the needs and financial position of each party, the existing leases being assigned, and the specifics of the subject properties.

Best Commercial Real Estate Attorneys in Oklahoma

It is crucial to engage an attorney with experience in properly negotiating, drafting, and executing assignments of rents and leases. They can guide you through the process, ensuring that the assignment is tailored to your specific needs and complies with all relevant legal requirements. The attorneys of Avenue Legal Group have the experience you need and want in your transaction. Contact our firm to discuss your transaction, assignment of rents and leases, or other real estate documentation.

Looking for local counsel in Oklahoma for your commercial real estate transaction? Our firm frequently works with attorneys, investors, and lenders from outside the state. Contact us by call, text, email, or website submission to discuss your matter.

Other helpful information:

• Commercial Real Estate Transactions in Oklahoma
• Due Diligence in Oklahoma Real Estate Transactions
• Essential Terms for Every Commercial Lease
• Attorney for Real Estate Contract Review
• Estate Planning
• Real Estate and Investing

Have Questions?

Navigating the assignment of a residential lease

A landlord can assign his leases to a new buyer of his building. Likewise, a tenant may be able to assign his lease if he needs to relocate. Find out how to assign your lease and what you can do to protect yourself when doing so.

by   Ronna L. DeLoe, Esq.

Ronna L. DeLoe is a freelance writer and a published author who has written hundreds of legal articles. She does...

Read more...

Updated on: December 4, 2023 · 3min read

Assignment of lease by the tenant

Assignment of lease vs. sublease, assignment of lease by the landlord.

As a tenant, you may want to get out of your residential lease without paying the remaining rent. Likewise, if you're a landlord and sell your rental property, the buyer must now collect rent from the tenants, who may have no idea you sold the property. In both situations, assignment of a lease with a release for the tenant and assignment of leases with notice by the landlord accomplish these goals.

If you're the tenant and want to leave before the end of your lease term, you may be able to assign your lease to a third party if the landlord doesn't let you out of the lease. The third party then becomes the new tenant, who is bound by the terms of the original lease and pays rent to the landlord.

Most often, the lease won't permit assignment without the landlord's approval, but leases often state that the landlord cannot unreasonably withhold consent. As long as you produce a tenant who's shown a history of payment under prior leases and has been a model tenant, a landlord should consent to assignment.

The assignment of lease form should include places for the tenant-assignor, the new tenant-assignee, and the landlord to sign. If the master lease allows assignment, then the tenant doesn't need the landlord's permission; the tenant can sign an assignment of lease agreement without the landlord's signature.

If the landlord allows an assignment of the lease, you, as the tenant, also want him to sign a release stating that you're not responsible for the new tenant's failure to pay or for any damage she causes. Without such a release, you may still be liable for both.

When you, as the tenant, assign the lease, you sign an agreement that either reads “Assignment of Lease," “Lease Assumption Agreement," or “Assignment and Assumption Agreement." An assumption of the lease means that the new tenant assumes your obligations, such as paying rent and keeping the apartment in good condition.

An assignment of a lease transfers the tenant's entire rights in the property to a third party. With a sublease, on the other hand, the tenant transfers only a portion of the remaining lease. For example, if the original tenant has six months remaining on his lease and he gives the entire six months to a third party, the tenant is permanently assigning his rights to live on the property to the third party. If, however, the tenant allows that third party to stay at the premises for only three months, and the tenant intends to return after three months, he is subleasing the premises.

A landlord can assign the right to collect rent to someone who has purchased the property. An assignment of lease from the seller to the buyer allows the new landlord to collect rent from any and all current tenants in the building. The language in the landlord's assignment of lease agreement can include assignment of security deposits, if the parties agree to it. An assignment of leases by the landlord to the buyer affords protection to the buyer so he can collect rent.

An assignment of leases by the landlord to the buyer is meaningless if tenants aren't aware the landlord sold the property, which is why it's important for the assignor-landlord to give tenants proper notice. A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlord's letterhead. Either way, the notice must include the new landlord's address and how rent is to be paid.

Both landlords and tenants who become assignors should sign a formal assignment of lease agreement, which an online service provider can prepare for you. If you're the tenant who has assigned your lease, try to get a release or you'll still be liable to the landlord. If you're the landlord, make sure you can count on the new tenant to pay the rent before you release the primary tenant from his obligations under the lease.

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• What is an assignment of rents?

by Brian D. Moreno, Esq., CCAL | General Real Estate Law , Homeowners Association

With the collection of assessments, community associations are always looking for creative ways to increase the chance of recovery.  One underutilized remedy that may provide associations good results is an assignment of rents.  If an owner-landlord fails to pay HOA assessments but continues to collect rent payments from his or her tenant, the association should consider rent assignment.  There are prejudgment and post-judgment rent assignment remedies that can be pursued with regard to the delinquency.  A post-judgment rent assignment can be pursued by way of a request to the court after a Judgment is entered against the owner-landlord.

A prejudgment rent assignment can be pursued even before filing a lawsuit if executed properly.  In California, Civil Code Section 2938 regulates the formation and enforcement of the assignment of rents and profits generated by a lease agreement relating to real property.  It provides that “[a] written assignment of an interest in leases, rents, issues, or profits of real property made in connection with an obligation secured by real property. . .shall, upon execution and delivery by the assignor, be effective to create a present security interest in existing and future leases, rents, issues, or profits of that real property. . . .”   Once a written assignment of rents is properly authorized and formed, the law creates a security interest (i.e., lien) against the rents and profits paid by a tenant. 

The question then is whether the association’s CC&Rs, by itself, creates an assignment of the right to a tenant’s rent payment in favor of the association.  Indeed, section 2938(b) provides that the assignment of an interest in leases or rent of real property may be recorded in the same manner as any other conveyance of an interest in real property, whether the assignment is in a separate document or part of a mortgage or deed of trust.  Since a homeowners association’s CC&Rs is a recorded document and contains covenants, equitable servitudes, easements, and other property interests against the development, it follows that the assignment of rents relief provided in Section 2938(b) can be extended to community associations provided the CC&Rs contains an appropriate assignment of rents provision.

Section 2938, however, does not clarify whether the CC&Rs document on its own creates a lien and enforceable assignment right.  Moreover, a deed of trust is much different than a set of CC&Rs, in that the deed of trust creates a lien against the trustor’s property upon recordation, while a homeowners association would not have a lien until an owner becomes delinquent with his or her assessments and the association records an assessment lien against the property.  Therefore, depending on the scope of the assignment of rents provision in the CC&Rs, a homeowners association would likely need to record an assessment lien first before pursuing rents from a tenant.  Moreover, even after a lien is recorded, homeowners associations should consider adding a provision in the assessment lien giving notice to the delinquent owner that an assignment right is in effect upon recordation of the assessment lien.  Nevertheless, association Boards should consult with legal counsel to ensure proper compliance with the law.

Once the assignment right becomes enforceable, the next issue is how the Association can and should proceed.  Section 2938(c)(3) allows the association to serve a pre-lawsuit demand (a sample of which is included in the statute) on the tenant(s), demanding that the tenant(s) turn over all rent payments to the association.  This can be a powerful tool for homeowners associations.  Moreover, if the tenant complies, the association will receive substantial monthly payments that can be applied towards the assessment debt, and collecting the funds does not appear to preclude the association from pursuing judicial or non-judicial foreclosure proceedings at a later time.

While homeowner associations have the option of pursuing a lawsuit against the delinquent owner and seeking to collect the rent payments after a judgment has been obtained, there are obvious advantages to enforcing the assignment of rents provision prior to pursuing litigation.  A pre-lawsuit assignment of rents demand may prove to be more effective and cheaper.  Additionally, the tenant affected by the assignment of rents demand may place additional pressures on the delinquent owner/landlord having received such a demand.  Given this, the options available pursuant to Section 2938, including the pre-lawsuit demand for rents, should at least be considered and analyzed before action is taken.

Truly, the initial pre-lawsuit demand for rents may persuade the landlord-owner to resolve the delinquency with the association in the face of the potential disturbance of the landlord-tenant relationship.  Even if the tenant fails to comply with the demand and/or the owner fails to bring the account current, the association could nonetheless pursue foreclosure remedies and/or seek to have a receiver appointed to specifically enforce the assignment of rents provision.

In sum, if a delinquent homeowner is leasing the property to a tenant, the homeowners association should consider making a pre-lawsuit demand for rent payments.  If the association’s CC&Rs does not contain an assignment of rents provision, the board of directors should consider amending the CC&Rs to include an appropriate provision.  Without question, the pre-lawsuit demand for rents could provide an excellent opportunity for recovery of unpaid assessments during these difficult economic times.

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Assignment of Leases and Rents (Commercial Real Estate Loan) (Pro-Lender) (NJ) | Practical Law

Assignment of Leases and Rents (Commercial Real Estate Loan) (Pro-Lender) (NJ)

Practical law standard document w-029-4459  (approx. 25 pages).

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Can My Landlord Force Me to Use a Rent Guarantor?

A lease rental bond guarantee, which covers losses if a tenant fails to pay the rent, may seem unnecessary. But your landlord can require one.

By Jill Terreri Ramos

Q: A year ago, when I applied for a market-rate apartment in the Bronx, the landlord required that I get a lease rental bond from a bond company. I have a good credit score, but the agent said my liquid assets were below the required threshold. In addition to the bond, I had to give them first month’s rent and a one-month security deposit before moving in. The bond cost me $1,000. I’ve been paying my rent on time through the company’s app, but now they’re telling me that I need to renew the bond for a new two-year lease. I have signed the lease; the landlord has not. If I say no to the bond and can’t work something else out, can I be evicted?

A: A lease rental bond guarantees a tenant’s lease payment obligation. The bond covers losses for the landlord if a tenant fails to pay the rent; the guarantor then recoups the money from the tenant. It may seem unnecessary, but your landlord can require one.

“The landlord is within its rights to impose the requirement, and the writer is without recourse to reject it,” said Nancy L. Kourland , a real estate lawyer with Lasser Law Group. “Moreover, it is quite likely that the landlord will not countersign the renewal lease without proof that the writer purchased a lease rental bond.”

Many landlords rely on third-party guarantors rather than having tenants ask family or friends to act as guarantor. Tenants whose income fluctuates or who have little New York City rental history, a low credit score, a new job, or insufficient income and assets are more likely to need a lease rental bond.

Requiring a guarantee from an institution became more popular when a state landlord-tenant law, the Housing Stability and Tenant Protection Act of 2019 , took effect, Ms. Kourland said. The law permits landlords to collect only the first month’s rent and a security deposit equal to one month’s rent at the start of the lease.

If you don’t get a bond, the landlord could begin eviction proceedings after your current lease expires. “However, if the cost of obtaining the bond is excessive, a court could find it to be ‘unconscionable,’ and therefore unenforceable,” said James B. Fishman, a lawyer in Manhattan who represents tenants.

You could try to negotiate a compromise with your landlord. For example, offer to pay for the rental bond for the first year of the lease, and if all your payments are timely, the landlord would waive the requirement for the second year.

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Moscow is not only the capital of Russia but also the most populous city on the continent of Europe and a major political, economic and cultural hub. Located on the banks of the Moskva River in northwest Russia, Moscow is also near the headwaters of the Volga River, a strategic position which has contributed greatly to its importance throughout history. The first historical reference to Russia came in 1147 and in 1156 a wall was constructed around the emerging city by Prince Yuri Dolgorukiy of Rostov. Despite being sacked by the Mongols in the 13 th century Moscow’s population continued to expand and the city became a prosperous entity in its own right. In 1480 under Ivan III the Russians finally defeated the Mongols and Moscow became the most important city in Russia. The 17 th century saw Moscow occupied at one time or another by the Swedes, Poles and Lithuanians as well as experience a series of uprisings and riots. In 1812 Muscovites burned the city so it would not fall into the hands of the invading French forces under Napoleon. After the Russian Revolution of 1917, Moscow became the new capital of the USSR and later the Soviet Union. During WWII destruction once again loomed for Moscow as the invading German armies fought their way to the outskirts of the city. However, the Russians successfully defended the city and it survived the war intact despite damage from artillery and bombs. In 1980 the city hosted the Olympic Games which were boycotted by the USA and other nations due to Russia’s invasion of Afghanistan in 1979. When glasnost came to Russia Moscow was the scene of an attempted coup against Mikhail Gorbachev which ultimately failed. After the dissolution of the Soviet Union, Moscow remained the capital of Russia and profited from the emergence of a market economy. Today it is one of the wealthiest cities in Europe with a varied and dynamic economy.

Moscow comprises approximately 22 percent of the GDP of Russia and is one of the largest city economies of Europe. The city also has the lowest unemployment rate in Russia, standing at about one percent, in comparison to the national average of seven percent. Among the main industries in Moscow are financial services, retail, nanotechnology, chemical, metallurgy, textiles, food production and software development. The city is also home to automobile and helicopter design and manufacturing as well as distilleries and railway manufacturing. Moscow is home to more billionaires than any other city in the world and business sectors in the city are still experiencing exponential growth despite the financial crisis and the tenuous state of the Euro. Corruption and crime, however, continue to be large factors hindering the development of the city, though of late they have improved. Moscow is also home to the headquarters of many large Russian companies such as Gazprom. Moscow has been ranked as the most expensive city in the world for the last few years due to the cost of property and services. Currently, the cost of real estate in the city is continuing to rise.

Moscow is not among the most widely visited cities in the world despite its historical and political importance. In the 1990s the city acquired a reputation for being dangerous and violent which it has not succeeded in completely shedding. Moreover, the fact that the city is more expensive than even London or Paris has also not helped sustain its tourism industry. However, despite these factors, the number of visitors to Moscow has grown each year and the city does have a lot to offer in the way of sites and activities. Red Square, Gorky Park and the Kremlin are taken in by most tourists, but Moscow also has a host of museums and galleries. The Tretyakov Gallery is only one of many cultural sites and houses the most important works of the Russian tradition. The Pushkin Museum of Fine Arts is another iconic gallery, featuring works by Monet, Picasso and Cezanne. Architecture fans will have to visit St Basil’s Cathedral with its distinctive onion domes, as well as the Shukhov Tower. However architectural wonders are fairly thin on the ground in the Russian capital. Moscow is a city of broad avenues and majestic roadways, designed under Stalin in an effort to modernize the city, and though the effect is startling and compelling, much of the city’s older architecture was destroyed to make room for the new construction and there are also many post-war housing blocks in various states of disrepair. In one area though Moscow can compete with any city in the world, and that is the nightlife. Moscow’s after-hours scent is mostly centred around Tverskaya Street and Manege Square, which is generally considered the playground of the Russian ‘nouveau riche’. Moscow also has a burgeoning restaurant industry and among the most popular Russian traditional dishes are pirozhki, blinis, and of course borsch soup.

Transportation

Moscow has a total of five airports, Sheremetyevo, Domodedovo, Bykovo, Ostafyevo, Vnukovo. Of these Sheremetyevo is the busiest, handling sixty percent of all international flights. Domodedovo is the primary airport for domestic travel. For travelling in the city itself, the Moscow Metro is the most common form of transport. It is famous for its murals, mosaics and chandeliers and has some of the longest escalators in the world. Each metro station also has a bus station nearby, part of a bus network which reaches every part of the city. The city also has a tram network, though it is not as frequently used by Muscovites due to many important connections having been withdrawn. Regular licenced taxis are available in Moscow however the city also has a tradition of private drivers stopping and giving people lifts for a fee. Moscow has nine main rail terminals, each serving a different part of the city and each handling different trains to Europe or Asia. Moscow is the most western terminus of the famous Trans-Siberian Railway which travels to Vladivostok on the Pacific coast.

Office space to rent in Moscow

Rents in Moscow are at an average of USD 1,100 per square metre per year for Grade A office space. There remains in the city a lack of supply that is unlikely to be solved in the near future. However continuing demand is likely to push rents up still further. In an attempt to alleviate congestion and overcrowding city authorities have recently announced a 20-year plan to move much of the city’s administration and large business to the south and southwest. The current vacancy level in the city is 15 percent.

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Tories accused of ditching manifesto pledge to remove ground rents

Michael Gove is losing his battle to reform current leaseholds, Sunday Times reports

The Conservatives have been accused of ditching their manifesto pledge to reduce ground rents to zero, after reports that Michael Gove is losing his battle to reform current leaseholds.

Gove, the levelling-up secretary, has been overseeing plans to overhaul the system in a reform bill, but key provisions to overhaul leaseholds were missing when the legislation was published in November.

After a consultation on caps to ground rents that closed in January, Gove had suggested that reducing ground rents to a token “peppercorn” rate could be added to the bill during its passage through parliament.

He told the Sun in February: “Before a general election I think what we can do is show that we will have passed into legislation, a lever, a rapid move to peppercorn or a stage-by-stage process whereby we get there.”

But the Sunday Times reported on Sunday that Gove was losing the argument on peppercorn rent after lobbying by investors and pension funds, which own freeholds that give them a predictable income.

One possibility is that a compromise £250 annual cap on ground rents could be reduced instead.

Gove had pledged to end the leasehold system altogether, calling it “outdated” and “feudal”. Millions of property owners own their homes through leases in England and Wales, which are almost the only places in the world where the system exists.

In its current form, the bill makes a series of reforms, including extending the default length of a lease and making it cheaper to convert leaseholds into freeholds.

Nevertheless, the manifesto pledge to “restrict ground rents to a peppercorn” has not been forthcoming after resistance from Downing Street , both in No 10 and the Treasury.

Angela Rayner, the shadow levelling-up secretary, said: “This latest dithering from the government on leasehold reform in the face of Tory infighting is yet another sign that Rishi Sunak is too weak to deliver for working people.

“At the last general election, the Conservatives pledged to restrict ground rents. If the Tories are abandoning another manifesto pledge, leaseholders need to know why.

“Labour is committed to comprehensive leasehold reform, enacting the Law Commission’s recommendations on enfranchisement, commonhold and right to manage in full.”

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The Guardian revealed in February that the bill’s provisions to stop developers selling new houses as leasehold properties contains loopholes that will allow them to continue doing so in certain circumstances.

The new clauses contain exemptions that allow developers to continue to sell new leasehold houses if they are part of a retirement village or where an existing lease has already been granted on the land, even if no property has yet to be built.

On the current leasehold policy for existing ground rents, a Department for Levelling Up, Housing and Communities spokesperson said: “We are committed to strengthening protection for leaseholders and are bringing forward reforms through the leasehold and freehold reform bill.

“It is not fair that many leaseholders face unregulated ground rents for no guaranteed service in return – that is why we consulted on a range of options to cap ground rents for existing leases. We are pleased to note that the Competition and Markets Authority recently found that ground rents are ‘neither legally nor commercially necessary’.

“The government is currently considering the responses to the consultation and will set out its policy in due course.”

• Michael Gove
• Conservatives

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