15 Jun Interview with our co-founder Francesco Fasanella MRICS on the Leasehold and Freehold Reform Act 2024
Our director Francesco Fasanella MRICS had the pleasure of being a guest on London One Radio. In this insightful interview, Francesco discussed the Leasehold and Freehold Reform Act 2024, covering several critical changes introduced by the new legislation and their potential impact on property ownership in the UK. Additionally, the interview delved into possible scenarios for the UK real estate market, particularly considering the upcoming general elections and potential outcomes if the Labour Party wins.
Key Highlights from the Interview
Understanding the Leasehold and Freehold Reform Act 2024
The Leasehold and Freehold Reform Act 2024 introduces several significant changes aimed at protecting leaseholders and improving transparency in property transactions. Some of the most notable changes include:
- Extending the standard lease term for houses and flats to 990 years.
- Removing the requirement for leaseholders to have owned the property for at least two years before qualifying for a lease extension or purchasing the freehold.
- Eliminating the ‘marriage value’ from the premium calculation for lease extensions, making it easier and cheaper for leaseholders to extend their leases or buy the freehold.
Impact on Property Ownership
These reforms are set to provide greater clarity and fairness in the market, benefiting both current and prospective property owners. The removal of certain financial barriers and the streamlining of processes aim to empower leaseholders, offering them more control over their properties.
Future Scenarios for the UK Real Estate Market
Francesco also explored potential market scenarios post-general elections during the interview. If the Labour Party wins, there could be further implications for the real estate sector, particularly in terms of policy changes and regulatory adjustments. Such outcomes could significantly influence property investment trends and market stability.
What This Means for You
Whether you are a homeowner, a prospective buyer, or someone with an interest in property laws and market trends, these discussions are crucial. Understanding the new reforms and anticipating potential market shifts can help you make more informed decisions regarding property ownership and investments.
Listen to the Full Interview
To get a comprehensive understanding of these topics, you can listen to the full interview with Francesco Fasanella on our YouTube channel:
Stay informed and be prepared for the changes ahead in the property market.
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For more insights and updates on property laws and market trends, visit our website. If you have any questions or need further information, please contact us.
