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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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New Leasehold and Freehold Reform Bill – Should I Wait?

The Leasehold and Freehold Reform Bill is on the horizon, and the Government aims to shake up the leasehold housing market. In the King’s Speech on 7 November 2023, they laid out the plan for this new law, which is intended to simplify and make more affordable the process of leaseholders buying their freehold, extending their leases, taking over management rights, and shielding them from hefty service charges.

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