Partner Shabnam Ali-Khan has written an article in IFA Magazine scrutinising the more overlooked changes proposed in the Leasehold and Freehold Reform Bill. Shabnam explains the proposed removal of the two-year waiting period which will enable leaseholders to extend the lease of their flat upon acquiring the property. She delves into the legalities for leaseholders and freeholders as well as the potential impact of the proposed changes on conveyancers, investors, vendors and purchasers.
It is widely believed that having a two-year ownership requirement currently is an unnecessary hoop to jump through and its motives are unclear – why two years; why any time at all? So this aspect of the legislation is good news for those who purchase a property with a short lease. We expect investors in particular to see this as an opportunity – acquiring a property with a short lease can be a liability in the two years which must expire before a lease can be extended. Following this change, this becomes a risk worth taking – especially for those who purchase a property before.
The full article is available to read online from IFA Magazine.
Shabnam Ali-Khan is in the property law and conveyancing team, specialising in lease extension and enfranchisement matters, primarily under the Leasehold Reform Housing and Urban Development Act 1993 working with a variety of clients ranging from high-net-worth individuals and companies to individual leaseholders and investor landlords.
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