Leasehold and Freehold Reform Act 2024: overview
A practice note that provides an overview of the key reforms being introduced by the Leasehold and Freehold Reform Act 2024 (LFRA 2024), which aims to improve the rights of residential long leaseholders in England and Wales. This note outlines the principal changes, including the ban on granting new long residential leases for houses, subject to permitted exceptions. It explores the substantial amendments to leasehold enfranchisement and lease extensions for both houses and flats, such as the removal of the two-year ownership requirement, the extension of lease terms by 990 years, and new valuation methods that abolish marriage value. The note also discusses the expansion of the Right to Manage (RTM), increased regulation of service and administration charges, and the introduction of new protections for freehold homeowners regarding estate management charges. Additionally, this practice note covers the new requirements for landlords and estate managers to join redress schemes and significant changes to the enforcement regime for regulated rentcharges.
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