Understanding the Leasehold and Freehold Reform Act 2024 - What It Means for Homebuyers and Sellers

At Thomas Flavell & Sons, we know that moving home is a hugely important event in our clients’ lives. Whether you’re taking your first step on the property ladder or releasing equity from your existing home, legal clarity is key to a smooth residential conveyancing process.

One of the biggest developments affecting property law in recent times has been the Leasehold and Freehold Reform Act 2024 - legislation designed to give leaseholders greater rights and reduce unnecessary costs in long-term property ownership.

A major change introduced under the Act is the extension of lease rights, including the ability for qualifying leaseholders to extend leases by up to 990 years. This helps protect property values and makes mortgage approvals easier for buyers purchasing flats with shorter leases. The Act also tackles ground rents - a frequent concern in leasehold transactions - by strengthening rules around how these can be charged and limiting unfair increases.

From a conveyancing perspective, these reforms place an even greater emphasis on reviewing lease terms early in the process and identifying potential issues for buyers and sellers alike. Understanding how the law now treats lease extensions, enfranchisement and ground rent can directly affect your decision-making and costs during a transaction. 

Our conveyancing team is here to guide you through how these legislative changes could apply to your property matter. With a focus on clear communication, practical advice and proactive support, we aim to take the uncertainty out of buying or selling.

If you’d like to discuss your conveyancing matter or what this reform means for your move, please feel free to contact one of our team for a quote or friendly chat.