The Leasehold and Freehold Reform Act 2024 received Royal Assent on 24 May 2024. The Act makes it easier and cheaper for leaseholders to extend leases or buy the freehold, bans new leasehold houses, and reforms service and estate charges. Most provisions require commencement orders.
The Leasehold and Freehold Reform Act 2024 received Royal Assent on 24 May 2024, representing the most significant reform to leasehold law in England and Wales for decades.
Key provisions include: abolition of marriage value in lease extensions; a new standard lease extension term of 990 years; restrictions on ground rent in extended leases; reforms to service charge transparency; and a ban on the creation of new leasehold houses.
Most provisions require separate commencement orders before taking effect. The incoming Labour government confirmed its intention to proceed with implementation, with key provisions expected to commence during 2025 and 2026.
Action required
Review any leasehold properties in your portfolio. Monitor commencement orders for provisions affecting service charges and leasehold management.
Effective
24 May 2024 (Royal Assent); commencement orders to follow 2025-2026
Who this affects
Landlords of leasehold residential properties in England and Wales
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This content is for general informational purposes only and does not constitute legal, financial, or professional advice. Always verify information against the original source and seek independent professional guidance before acting on any regulatory matter.