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Leasehold and Freehold Reform Act 2024

Answer

I refer the Noble Lord to the Written Ministerial Statement made on 21 November 2024 (attached) HLWS240 which sets out further detail on implementation of the Leasehold and Freehold Reform Act 2024.

Following a robust defence from the government, the High Court comprehensively dismissed challenges brought to the Leasehold and Freehold Reform Act 2024. We warmly welcome the Court’s judgment.

The reforms that were challenged will make it easier and cheaper for leaseholders to extend their lease or buy their freehold by removing the requirement for marriage value to be paid; and capping the treatment of ground rents in the valuation calculation at 0.1% of the freehold value.

Valuation rates used to calculate the enfranchisement premium will be set by the Secretary of State in secondary legislation. We will consult on valuation rates and commence the relevant provisions as soon as possible. Primary legislation will be required to rectify a small number of specific flaws in the 2024 Act before the Act’s enfranchisement provisions are commenced.

Secondary information

Type

Written question

Reference

HL12535

Session

2024-26

Attachment

HLWS240

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Legislation

Leasehold and Freehold Reform Act 2024

Link

View this Written question on www.parliament.uk