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The Leasehold and Freehold Reform Act 2024 has washed up. What does it mean?

On Friday 24th May 2024 the Leasehold and Freehold Reform Act 2024 (“LAFRA”) was given Royal Assent during what is known as the “wash up” and the last parliamentary session of Sunak’s Conservative Government. It follows the Law Commission’s consultation (which started in 2018) which recommended fundamental changes to the valuation methodology and the legal process with a view to making it cheaper and easier for leaseholders to extend their leases and buy their freeholds.

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