Leasehold and Freehold Reform Act 2024
24/05/2024
Following a fiery week in politics, the Leasehold and Freehold Reform Bill received Royal Assent today in an unexpected turn of events. Various amendments have been made to the final version of the Bill, now Act, and it will take a few days for the final version to be updated before we can see the final product.
In terms of next steps, the Act will now need to be commenced. A very small number of sections will commence two months from today, but otherwise, the remainder of the Act will need to be formally commenced via secondary legislation. The Government will decide if and when to switch on the Act, and which may not necessarily all be at the same time.
Furthermore, key policies contained within the Act will require secondary legislation setting out further detail on the headline policy before they can commence.
Given the election, it is unlikely that we will now see any substantial movement on the Act in terms of commencement until the Autumn.
If you are an existing or prospective client of ours, we will be writing to you next week with an update once we have had time to review the final version of the Act.
