TWO million leaseholders will be given powers to buy or take over their properties under draft legislation unveiled by Wyre Forest MP David Lock.

Mr Lock, who is a minister in the Lord Chancellor's Department, launched the draft Commonhold and Leasehold Reform Bill which aims to improve the rights of leaseholders in England and Wales.

Its main objectives are to give leaseholders the chance to own the freehold of their homes and create a management company to run communal parts.

Leaseholders will be entitled to join a commonhold association, on a majority vote, which can make decisions on what repairs are necessary and what service charges can be levied. Currently, whoever owns a building's freehold can charge for basic services and carry out major repairs at the leaseholders' expense.

Mr Lock said: "We are determined to give people a viable alternative to leasehold.

"In a commonhold there will be no landlord: no-one will have rights in the property which are superior to the unit holder's and neither will the owner's interest in the property run out over time as it does in leasehold."

Leasehold ownership of property appears to be unique to this country and has been widely criticised because the value of the property usually declines as the lease approaches the end of its life.

The draft bill is among frontrunners for a slot in the Queen's Speech in November.