Leasehold and Freehold Reform Act 2024
At long last the Leasehold and Freehold Reform Act entered the statute book on the 24th May after having been washed through the Lords. A close run thing but it is the trigger which will enable long leaseholders in due course to obtain 990 year extensions to their leases. Looking back it was 2012 when Mike, Karen Burrell and a few colleagues set out on the path to achieving what could only be dreamt of at the time.
We understand that amongst the 550 or so long leaseholds there are about 25 that will not be eligible. Those who will qualify received a letter from the Trust in September 2019 confirming their eligibility to apply for the extension when the reforms became law.
The Act is complex, and no doubt will be subject to test cases in the courts before its interpretation and application are generally accepted. Due to the rush to gain Royal Assent there are a number of points which have not been fully covered and some effectively deferred. Given it will some time before the official publication of the Act, the use of Statutory instruments to set many of the important factors and the timescale of further negotiations with the Trust we expect it will be at least late 2025 or perhaps 2026 before any extensions will be available.
TANT has regular contact with the DLUHC and the Trust over the matter and keeps those long leaseholders on our database up to date by email. You can join the database here.