The Commonhold and Leasehold Reform Bill received its second reading in Parliament last week - for the second time! The Bill was first introduced in the last parliamentary session prior to the general election, but failed to complete the legislative process before the dissolution of parliament. But having already completed its stages in the Lords, it looks like there will be no false start this time round - great news for the millions of leaseholders who will hopefully benefit from the new laws.

The first problem that the Bill addresses is that of poor management - something that will strike a chord with leaseholders up and down the country. Managing agents are notorious for their lapse approach to maintaining property, and the hefty service charges that seem to escalate year after year. There are currently only two ways of getting rid of the management agent - buying the freehold and then appointing your own managing agents, or taking the managing agents to a Leasehold Valuation Tribunal and proving that they are mismanaging the property. Both these options are time consuming, frustrating and sometimes quite expensive.

The Commonhold and Leasehold Reform Bill will make it much easier for leaseholders to buy the freehold to their property and create a new form of tenure, called commonhold. This will allow leaseholders to individually own the freehold of their home, whilst also sharing ownership of commonhold association, which will own and manage any communal parts of the building and grounds.

The introduction of the new type of tenure will also address the fact that a leasehold is seen as a 'wasting asset', since leases are granted for a set term. As an asset, commonhold would not depreciate in the same way as a lease, as each unit holder is a stakeholder in the commonhold association and full owner of the freehold.

Junior Lord Chancellor's minister Michael Wills, who opening the second reading debate said: "Taken together these changes will greatly enhance the rights of leaseholders. They will redress the current unfair balance that exists between landlords and leaseholders, while at the same time respecting landlords' legitimate rights. They put us on course for a system of land tenure which is far more appropriate for the times in which we live and more fair.''

The Bill received a second reading without a vote and the Bill will now pass to the committee stage, where a cross party group of MPs will conduct detailed discussions over the precise contents of the legislation.