The Mayor of London, Sadiq Khan, has launched a new guide for leaseholders while at the same time stepping up his calls on ministers to overhaul the system of leasehold for home buyers in the capital.

An estimated one-third of London’s homes – and over 90% of new-build housing – are owned on a leasehold basis.

The Mayor has called for wholesale reform of leasehold, including a long-term shift toward alternative tenures such as commonhold.

In the new guide, information ranges from the difference between leasehold, freehold and renting, to advice on buying the freehold for a block of flats, and pursuing tribunal proceedings against a freeholder if an enfranchisement agreement can’t be reached.

There is also a glossary of terms to help leaseholders understand the complex language often used in leasehold agreements.

According to the NAEA, 94% of leaseholders regretted buying leasehold properties, and 65% would welcome additional information on their rights and responsibilities.

James Murray, deputy mayor for housing and residential development, said: “For too many Londoners, being a leaseholder is a complex and confusing legal minefield.

“The Government has so shown no real ambition to overhaul leasehold, nor to help existing leaseholders with the challenges they face.

“That’s why the Mayor is urging the Government to prioritise legislation to help both new and existing leaseholders, and in the meanwhile we are doing all we can to help leaseholders in the capital with advice and guidance on their rights.”