Housing Minister Matthew Pennycook confirmed the specific changes under the Leasehold and Freehold Reform Bill.
“I have today signed regulations removing the two-year ownership rule for apartment tenants to extend their leases and house tenants to extend their leases or purchase the freehold,” he wrote in a statement.
Action against leaseholds was mentioned in the new government’s first King’s Speech.
Back in September, the government promised to “move swiftly” to bring into effect the Leasehold and Freehold Reform Bill 2024, which was rushed through in the final days of the previous parliament
This new legislation means tenants no longer need to own a property for two years before they can extend their lease or buy the freehold. The new rules will also prohibit the sale of new rental properties and hidden insurance commissions.
