Part 4 – Leasehold and Freehold Reform Act 2024

The Government has launched a 12-week consultation with proposals to implement Part 4 of the Leasehold and Freehold Reform Act 2024.

Part 1 of the Act has been implemented, with Parts 2 and 3 being partially implemented pending secondary legislation and further consultation.

Part 4 includes:
– Standardising Service Charge Documentation and Admin Charges
– Requiring Annual Reports for Buildings
– Ensuring Provision of Insurance Information (to supplement FCA Rules)
– Reforming the Major Works (Section 20) Process
– Re-balancing Legal Cost Rules
– Ensuring Reserve Funds and Protecting Leaseholder Funds
– Requiring Mandatory Professional Qualifications for Managing Agents
– Implementing Stronger Protections for Fixed Charges & Estate Rentcharges

We would strongly advise those in the sector to read the consultation and provide relevant feedback.

The consultation may be found at:
https://lnkd.in/eGk8jjPD