Posted on 23rd January, 2025
Leasehold Reform News – The 2 year rule to be removed at the end of January 2025
Further to our blog post below on 21st November 2024, we have had further news from Matthew Pennycook, Minister of State for Housing and Planning, who confirmed yesterday on X, formerly Twitter, that leaseholders can exercise their right to extend their lease or buy their freehold upon purchasing a leasehold property, rather than having to wait two years as previously.
Writing on X, formerly Twitter, Mr Pennycook said
“The work continues to switch on the measures in the Leasehold and Freehold Reform Act. I have today signed regulations to remove the two-year ownership rule for leaseholders of flats to extend their lease, and leaseholders of houses to extend their lease or buy their freehold. “
“This change will come into force at the end of this month, giving leaseholders the flexibility to make a claim immediately upon buying a leasehold property, and reducing their costs as a result.”.
This means that if you have purchased within the last two years and have been waiting to qualify for a lease extension that you should now be able to proceed from the end of the month. Also, if you are looking at purchasing and are requiring a lease extension that you should be able to proceed with a purchase without having to assign the benefit of a Section 42 Notice.
We are able to assist with lease extension valuations and advice. Please contact one of our specialist valuers to speak to them about your individual circumstances.