Leasehold update 2024

Even leaving aside issues relating to the Building Safety Act, leasehold transactions continue to be a source of concern to both clients and conveyancers. The Kings Speech in November 2023 confirms that the Government will introduce further legislation relating to leasehold reform. The key proposals are:

• Making it cheaper and easier for existing leaseholders to extend their lease or buy their freehold
• Increasing the standard lease extension term from 90 years to 990 years for both houses and flats, with ground rent reduced to £0.
• Removing the requirement for a new leaseholder to have owned their house or flat for two years before they can exercise their right to extend the lease.
• Widening the ambit of mixed use buildings capable of being enfranchised.
• Banning the creation of new leasehold
• A consultation on capping existing ground rents.

This webinar will look at the implications of the proposed legislation and other topics relevant to leasehold transactions.