The Progress of the Freehold & Leasehold Reform Bill
Following on from my previous articles about the proposed reforms for leaseholders, matters have moved on.
The Freehold & Leasehold Reform Bill was introduced to Parliament on 27 November 2023 and set out a number (but not all) of the changes which were referred to in the Kings Speech on 7 November 2023.
The purpose of the Bill is to make it easier and cheaper for leaseholders to buy their freehold; increase the standard length of the lease extension term; rebalance the legal costs position; improve the transparency of service charge, administration charges, estate charges and building insurance premiums; and remove the requirement for a new leaseholder to have owned their property for two years before they can extend their lease of buy their freehold.
It is anticipated that Parliament will introduce various measures at first reading and others as amendments as the Bill makes it way through the Parliamentary process.
The Bill is scheduled to receive its second reading on 11 December 2023. It is clear the Government is keen to press ahead with its proposed programme of reform of the law in this area.
Alongside the Bill, the Government has launched a consultation seeking views on options to restrict ground rents which leaseholders currently pay. The consultation closes on 21 December 2023.
Click here to read my original article on the Proposed Changes to Leasehold Properties.
If you wish to discuss any of the topics in this article, please contact us or reach out to a member of the Commercial Property Department.
Disclaimer: General Information Provided Only
Please note that the contents of this article are intended solely for general information purposes and should not be considered as legal advice. We cannot be held responsible for any loss resulting from actions or inactions taken based on this article.
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