Recent changes to leasehold law in the UK have introduced significant reforms that will greatly benefit leaseholders. From 31 January 2025, leaseholders will no longer be required to wait two years from the date of purchasing their property before they can serve notice to extend their lease or purchase the freehold.

The introduction of the Leasehold and Freehold Reform Act 2024 marks a pivotal moment for leasehold ownership, bringing much-anticipated changes to the process. Prior to this new legislation, leaseholders had to own their property for a minimum of two years before they could initiate a lease extension or freehold purchase. This restriction often caused delays and complications for many property owners looking to extend their lease shortly after purchase and also caused many delays for purchasers seeking a lease extension prior to completing their purchase. However, this change in law should now provide added security for purchasers of short lease properties as they can complete their purchase with the confidence that they now no longer have to ensure the lease is extended prior to purchase and can do so as soon as they are the registered proprietor.

With the new law now in effect, leaseholders who have recently purchased a property are immediately eligible to extend their lease or begin the process of acquiring the freehold. This reform presents a valuable opportunity for those who anticipated the need for a lease extension in the near future, allowing them to take action without the previous waiting period.

It is important to note that in order to qualify for a lease extension, the leaseholder must be the registered owner of the property. This means that the Land Registry application to update the Title Register must be completed and recorded before any formal request for a lease extension can be made.

These changes to leasehold law are designed to streamline the process and give leaseholders more control and flexibility over their property, making it easier to secure the future of their home. If you’re a leaseholder considering extending your lease or purchasing the freehold, it’s an ideal time to take advantage of these new regulations and make informed decisions about your property. Get in touch with the conveyancing team here at Heppenstalls and we will be happy to assist you through the process.