Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Leasehold and Freehold Reform Act 2024 Brings Major Changes
The Leasehold and Freehold Reform Act 2024 (LAFRA) is described as one of the most significant changes to residential property law in a generation. Key provisions include the abolition of the two-year ownership rule and enhanced availability of the right to manage (RTM).
According to a report by Property118, the Act addresses longstanding issues in the leasehold system. The removal of the two-year ownership rule is expected to impact how quickly leaseholders can take action regarding their properties. The Act also expands the right to manage, making it more accessible for leaseholders.
These changes are relevant for UK letting agents and inventory clerks, as they may affect the management and administration of leasehold properties. The reforms could influence how agents advise clients and handle property transitions.
Further details on the implications of these reforms are discussed in the original article by Katherine Simpson, Partner at Edwin Coe LLP.
Source: Property118