LNB News 22/11/2024
Document Information
Issue Date: 22 November 2024
Published Date: 22 November 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Ministry of Housing, Communities and Local Government has announced a comprehensive set of leasehold reforms, scheduled for implementation in 2025, aimed at providing increased rights and protections for owners of five million leasehold homes. Key measures include the implementation of the provisions in the Leasehold and Freehold Reform Act 2024 (LFRA 2024) in January 2025, which remove the current ‘two-year-rule’, enabling leaseholders to extend their lease or purchase their freehold without waiting two years after their initial purchase and those which will allow homeowners to take over the management of their building, and ensure more cost transparency and facilitating challenges to unfair service charges.
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