The recent Leasehold and Freehold Reform Act 2024 will introduce notable changes for people who own or reside in leasehold properties.
This new law was drawn up in 2024, but most points will be implemented in 2025. The overarching premise of the act involves the removal of the two-year rule that used to restrict those with a leasehold property to a lengthy waiting period before they could request to purchase the freehold.
There are other proposed points covered by the new act, such as the ability of those currently living in leasehold properties, often in mixed-use buildings or flats and apartments, to manage their own freeholds and to be able to remove themselves from often prohibitive freeholders fees. It is anticipated that the new rules will be implemented mid-2025. Other upcoming proposals will include recommendations to prevent future demands from landlords for payment for ground rents.
A range of sweeping consultations are also scheduled for 2025 and will cover matters like the outlawing of leasehold flats. These types of properties currently come with a range of difficult rules and regulations, such as extortionate service charges and many restrictions about the use of the home and what improvements can be made to it. Conveyancing solicitors in North Wales can continue to study new legislation and changes to processes relating to purchasing a property.
Here at Bennett Smith Solicitors, we can offer the most up-to-date advice on all types of property purchases, so contact us now to book an appointment.
