Posted Friday 31st January 2025
In a significant shake-up for leaseholders, the Government has officially enacted Section 27 of the Leasehold and Freehold Reform Act 2024 (“the Act”) as of today, 31 January 2025. This crucial change eliminates the long-standing requirement for leaseholders to own their property for at least two years before being eligible to extend their lease.
While this marks a major step forward, other key reforms under the Act remain to be enacted. These include the provisions extending the term of a statutory lease extension from 90 to 990 years and establishing clearer valuation methods for calculating lease extension premiums.
The Government is set to review the remaining provisions later this year, with full enactment expected in 2026.
This article is for reference purposes only. It does not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking or deciding not to take any action.
Joelson advises the founder and shareholders of InspiredMinds! on its sale to Growth Catalyst Partners
At Joelson, we recognise the importance of helping others and putting something back into the community. We have a history of fundraising for good causes and this year Joelson is proud to be supporting City Harvest.
