The Leasehold And Freehold Reform Act 2024: What Do I Need To Be Aware Of?

On 24^th May 2024 the Leasehold and Freehold Reform Act became a law. With it, new legislation was introduced. This legislation was created to enhance the right, powers and protections of homeowners. In this blog post we look at the Leasehold and Freehold Reform Act and how it affects homeowners in Peterborough.

The Leasehold and Freehold Reform Act enhances and introduces rights for homeowners. It does this be simplifying and decreasing charges for lease extensions or freehold purposes. In turn, this provides leaseholders with a better level of security and more affordability too. The standard lease terms have been extended to 990 years for houses and flats too. This will massively improve the long-term housing security for homeowners of leasehold properties.

The government are instructing for a transparency in service charges. They are requesting standardised billing formats. It is thought this will help to facility scrutiny as well as challenge. The act will assist leaseholders in challenging unreasonable charges enforced by landlords at tribunal. Another aim of the act is to make it more affordable for leaseholders to manage their buildings. This is done by allowing them to select their own managing agents.

It is expected that the act will stop the need for leaseholders to cover freeholders’ costs when exercising their enfranchisement rights. Access to redress schemes that require freeholders who manage buildings directly to join a scheme will be expanded. This is similar to existing requirements put in place for managing agents.

The Leasehold and Freehold Reform Act will also simplify the process of buying or selling leasehold properties. This will be done by capping both the time and fees for home purchasing and selling information. Finally, the act will ensure that homeowners on a private or mixed tenure estate have comprehensive rights of redress and better transparency surrounding their charges.

If you need help understanding the Leasehold and Freehold Reform Act and how it affects you, contact our conveyancing lawyers. We will happily discuss your property and how the act affects you and your home.