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Leasehold and Freehold Reform Bill hits the Statute Books

The Leasehold and Freehold Reform Act 2024 became law on 24th May 2024. A somewhat watered-down version from that originally promised but all the same offering leaseholders benefits including an increase of the statutory term of years on lease extensions from the old additional 90 years to a much increased 990 years at peppercorn rents and scrapping, in most cases, the obligation to pay landlords’ costs when making a claim.  The eligibility criteria requirement necessitating that a claimant be registered as owner of the property for 2 years to be entitled to claim an extended lease will now be removed and for rights to manage and collective claims the Barr to claims where the commercial element of the site exceeds 25% will be increased to 50% extending the benefit to a significant number of commercial/residential developments previously excluded.   There are bans on the creation of leasehold houses, greater protection in relation to service charges for leasehold houses more in line with those on flat developments, greater transparency over service charges and greater opportunities to challenge seemingly unreasonable service charges.     Further legislation will be necessary to bring much of the reforms into effect and we wait time frames.

 

Adcocks Solicitors Enfranchisement Team specialise in all that is residential leasehold LB@adcocks.com or direct dial 01543 422113

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