The Conveyancing Association (CA) has released an in-depth guide detailing the key sections of the Leasehold and Freehold Reform Act 2024, which will come into force on the 24th July 2024.
This guide was created to help conveyancing firms, property owners, and other stakeholders understand and navigate the significant changes introduced by the new legislation.
It provides a detailed overview of the four critical points of the Act that will take effect this month, addressing essential updates to the Building Safety Act 2022 and regulations concerning rent charges.
Key sections covered by the guide include, ‘Regulation of Remedies for Rentcharge Arrears’, ‘Recovery of Legal Costs through Service Charge’, ‘Repeal of Section 125 of the Building Safety Act 2022’, and ‘Higher-risk and Relevant Buildings – Insolvency Notifications’.
Beth Rudolf, director of delivery at the Conveyancing Association, said: “The Leasehold and Freehold Reform Act 2024 introduces critical changes that will significantly impact the conveyancing process.
“Our new guide is designed to provide firms with the necessary information to understand these changes and integrate them into their practices effectively.
“By familiarising themselves with the new requirements, conveyancing firms can ensure compliance and better serve their clients in managing leasehold and freehold properties.
“The Act addresses several important areas, including the regulation of rentcharge arrears, recovery of legal costs through service charges, and new notification requirements for high-risk buildings.
“These changes are pivotal in enhancing building safety and transparency in property management.”
