From 31st January 2025, owners of leasehold homes will no longer be required to wait for two years before being able to extend their lease.
This change being one of the first of many proposed legislative reforms being introduced via the Leasehold and Freehold Reform Act 2024 (“LFRA”), intended to give leaseholders better control over their investments and homes.
The Impact Assessment for the LFRA assumes “that the majority of the reforms will commence in 2025/26. However, our redress reform may not be operational until 2028, due to the need to implement the necessary secondary legislation”.
We welcome sensible and proportionate legislative progress and look forward to continuing to adapt and support these changes as they come into force.