GOOD NEWS FOR FLATS in Bournemouth Christchurch Poole

The Leasehold and Freehold Reform Act 2024 is expected to come into force later this year or early 2026.

The act received royal assent on May 24, 2024, but the exact date of implementation is still to be determined.

The Act will bring some significant benefits for both Flat Owners and Flat Buyers especially in BCP. Approx 60% of all homes on the market in our local area are flats.

The benefits include:

• Easier and cheaper to buy a freehold
• Easier to extend a lease from day 1 of ownership and longer lease extensions to 990 years with Ground Rent reduced to zero
• Cheaper to extend a lease with the removal of the marriage value from 80 years remaining
• Greater transparency over service charges
• Freeholders or managing agents to issue bills in a standardized format.
• More rights of redress

Property prices are currently below the peak of 2022 and the outlook for price growth is now stronger.  With the added benefits expected from The Leasehold Reform Act perhaps now is a great time to consider buying a flat in Bournemouth Christchurch Poole.  

For advice and tips on what to look for you can reach us on 01202 533377 or enquiries@clarkesproperties.co.uk