Fylde MP Mark Menzies has welcomed the Government's major changes to leasehold law - and is keenly awaiting further announcements on the extent of the changes.
Mr Menzies has lobbied ministers on behalf of homeowners in Fylde who have been caught up in a number of leasehold issues, namely rising costs and management company fee increases which can significantly affect the value of properties and leave homeowners paying a second huge monthly fee on their homes.
This week, the Housing Secretary announced some of the biggest reforms to English property law for 40 years, making home ownership fairer and more secure.
Leaseholders will be given the right to extend their lease by a maximum term of 990 years at zero ground rent, Robert Jenrick announced.
Under the current law many people face high ground rents, which combined with a mortgage, can make it feel like they are paying rent on a property they own.
Freeholders can increase the amount of ground rent with little or no benefit seen to those faced with extra charges. It can also lengthen and lead to increased costs when buying or selling the property.
The changes mean that any leaseholder who chooses to extend their lease on their home will no longer pay any ground rent to the freeholder, enabling those who dream of fully owning their home to do so without cumbersome bureaucracy and additional, unnecessary and unfair expenses
For some leaseholders, these changes could save them thousands, to tens of thousands of pounds.
Fylde MP Mark Menzies said: "This is an issue I have raised with ministers several times.
"Many leaseholders have endured issues such as ground rent doubling and extortionate costs to extend leases. Some developers are unfairly using leaseholds and management company fees as cash cows to milk every penny they can out of homeowners, who already have mortgage fees to pay.
"These changes could save households thousands of pounds, while protecting the elderly by reducing ground rents to zero for all new retirement homes.
"I am delighted to see retrospective action to help those already trapped in these leasehold issues and I am still wading through the documentation to see the extent of help we can give those already affected.
"I have written to the minister again to clarify how these changes can be used to help those who have bought homes and who are already trapped.
"I have seen several examples of developers selling leaseholds to a second company - with the same directors as the develop - only for fees to immediately double. It is outrageous and I am glad the Government has taken these steps to prevent homeowners in future."
Housing Secretary Rt Hon Robert Jenrick MP added: "Across the country people are struggling to realise the dream of owning their own home but find the reality of being a leaseholder far too bureaucratic, burdensome and expensive.
"We want to reinforce the security that home ownership brings by changing forever the way we own homes and end some of the worst practices faced by homeowners.
"These reforms provide fairness for 4.5 million leaseholders and chart a course to a new system altogether."
The Government is also now establishing a Commonhold Council - a partnership of leasehold groups, industry and government - that will prepare homeowners and the market for the widespread take-up of commonhold.