Trainee lease extension solicitor, Susana Silva Moreira, explains the recent announcement of the abolishment of the two year ownership rule.
As of today, 31st January 2025, section 27 of The Leasehold and Freehold Reform Act 2024 (LAFRA) being the abolishment of the 2-year ownership rule comes into effect. This rule previously required leaseholders to have owned their property for at least two years to qualify for a statutory lease extension.
From today, leaseholders will be able to exercise the right to extend their lease following the purchase of a property and registration of their ownership at the Land Registry.
For those who purchased a leasehold flat within the last 2 years and are already registered as the owner at the Land Registry, are now able to take immediate action to extend their lease through the statutory process.
As previously mentioned by our senior leasehold solicitor Callie Tuplin, more Leasehold Reforms are still to be implemented, and Holmes & Hills look forward to reviewing the amendments and providing further updates to you.
If you have any questions regarding the changes within the Leasehold and Freehold Reform Act 2024, please do not hesitate to contact us.
Call us on 01206 593933 today to speak with one of our leasehold enfranchisement team. Or complete the form below.
Disclaimer
The content of this article is provided for general information only. It does not constitute legal or other professional advice. The information given in this article is correct at the date of publication.
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