The Leasehold and Freehold Reform Act received royal assent more than a year ago, with the new legislation passing into law at the end of May 2024. However, despite promising to overhaul the “feudal” leasehold system of property ownership, progress has been slow,...
Leasehold Property
Leasehold and Freehold Reform Act 2024 receives Royal Assent
The long-awaited Leasehold and Freehold Reform Act 2024 received Royal Assent last week… So, what changes received approval? Lease extensions are to be to 990 years rather than just 90 years. Freeholders to pay their own costs except in low-value claims....
How Long Does a Lease Extension Take?
A lease extension is a contract between parties (the freeholder and leaseholder) that adds a continuation period to a long lease and replaces the current lease with a new one. Mortgage brokers are unlikely to lend money on a property with a short lease, therefore,...