Breaking News – Leasehold and Freehold Act – 2 year rule to be introduced

This is a further update on the latest with the reform bill. Here is the link from the government website:

https://www.gov.uk/government/news/sweeping-reforms-to-give-leaseholders-more-powers-and-protection.

To sum up, they are introducing another part of the bill in Jan 2025, this will do away with the 2 year qualification period for a statutory lease extension. They have also stated that there will be a consultation period next year over deferment rates and cap rates with no mention with the removal of marriage value.

There have been 11 legal challenges to the secretary of state and 6 challenges to the EU Human rights courts over the introduction of this bill.

The government can introduce the removal of marriage value before these challenges have met their conclusion but it may be a political minefield.

If you have any further questions in relation to this, please do not hesitate to get in contact with Piers or Simon on 01903 890 666 or email@southeastleasehold.co.uk