The Leasehold and Freehold Reform Act 2024 | What does this mean for you?

This Act gained Royal Assent before Parliament was prorogued and key parts of the Act are anticipated to come into force by the end of July.

The Act strengthens existing and introduces new consumer rights for homeowners by making it cheaper and easier for people to extend their lease or buy their freehold so leaseholders pay less  to have more security in their homes. The Act introduces provisions reducing the methodology to simplify the valuation on enfranchisement. Other provisions include:

•    990 year lease extensions of both houses and flats
•    The abolition of 2 year ownership requirements for lease extensions
•    A ban on leasehold houses
•    An overhaul of the valuation principles used in valuing leasehold enfranchisement claims including the removal of marriage value
•    Provisions requiring both parties to pay their own costs in most cases

Remaining provisions are likely to be introduced in due course.

The effect of the enactment is that it is likely to be easier and cheaper for leaseholders to acquire their freehold and lease extensions.

Contact us and we will give you guidance and assistance if you wish to extend your lease or with others acquire the freehold of your building. Just call 01926 491181 or email: CHoughton@moore-tibbits.co.uk.