A shake-up of the residential leasehold property system is on the horizon, writes Kate Rigby. What will this mean for all the parties involved?
- Examines the Labour government’s plans for home ownership, including and beyond the measures introduced in the Leasehold and Freehold Reform Act 2024.
- Assesses the likely impact of the changes on leaseholders, landlords and institutional investors.
The Freehold and Leasehold Reform Bill, introduced to Parliament on 27 November 2023, was hailed as a significant step towards improving home ownership for millions of leaseholders in England and Wales.
This legislation, which became law on 24 May 2024, is set to bring about substantial changes to the residential leasehold property system. Despite the Bill passing on the final day of the Conservative government, it has yet to come into effect. Some of the key provisions require secondary legislation, the timing of which will depend on the new government’s priorities. Briefing documents published alongside the King’s Speech said the government would ‘act quickly’ to implement provisions in the Leasehold
