The LFRA was passed and obtained Royal Assent on 24th May 2024 as the last piece of legislation passed in the wash-up before parliament was prorogued. The premise of the LFRA is to provide Leaseholders with more rights and protections and to make extending their lease or buying their freehold easier and cheaper.
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The Government is in the course of introducing a radical bill which seeks to reform the current system of leasehold in the UK
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The Building Safety Act 2022 (“the BSA”) created statutory protections for tenants of qualifying buildings in order to cap service charges payable in relation to works required to rectify building safety defects.
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The King’s Speech on 7 November briefly touched on the long-awaited leasehold reforms by promising to make it “cheaper and easier for leaseholders to purchase their freehold and tackling the exploitation of millions of homeowners through punitive service charges”.
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