Following the rushed Royal Assent of the Leasehold and Freehold Reform Act 2024, further controversy has arisen. In the King’s Speech on 17 July, the new Leasehold and Commonhold Reform Bill was announced, but the full details of the Bill have yet to be released. We can expect more information on this in the near future.
Five key areas
The current guidance highlights five key areas the Bill will address. We explore each of these in detail below.
First, it enacts remaining Law Commission recommendations to strengthen leaseholders’ rights to extend their lease, buy their freehold, and take over management of their building. The 2024 Act addresses most of the Law Commission’s recommendations on lease extensions and freehold purchases. These include offering a 990-year lease instead of the current 90 years, removing the two-year ownership requirement for flat lease extensions, and extending the right to acquire freeholds in buildings where the commercial area makes
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