The Government has announced that it will be implementing a measure set out in the Leasehold and Freehold Reform Act 2024 by abolishing the requirement that leaseholders of flats and houses must have been the registered owners of them for at least two years before being able to seek a lease extension (of the flat or house) or to acquire the freehold of a house.
This is to take effect from 31 January 2024.
Commenting on this change, Seddons GSC Partner and Head of Leasehold Enfranchisement, John Midgley said:
‘This will simplify matters for many lessees who will be able to start the process from the time they have bought their property. It is only one of a number of reforms that is heralded by the 2024 Act. Others such as reforms to valuation methods (including the proposed abolition of marriage value for leases which have less than 80 years remaining) have been kicked further down the road, with more government consultations planned.’
If you want advice in relation to your situation, please contact John on 020 7725 8068 or by email – [email protected]