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Leaseholders have been reluctant to extend their flat leases due to the uncertainty brought by the Building Safety Act 2022 (‘the BSA’). The BSA affords “qualifying leaseholders” of “relevant buildings” new financial protections against costs arising from historical safety defects, such as cladding remediation costs.
This sounds great, doesn’t it? Well, yes it is; however, because of key omissions in the BSA, since it came into force on 28th June 2022 there has been ambiguity as to whether qualifying leaseholders will lose their protections under the BSA if they extend their leases. Understandably, this has led to drastic reduction in the number of flat lease extensions we are seeing as leaseholders and conveyancers eagerly await clarification from the Government.
Thankfully, the long-awaited Levelling-up and Regeneration Act Bill received Royal Assent on 26th October 2023, becoming the Levelling-up and Regeneration Act 2023 (‘the Act’). Section 243 of the Act will come into force on Boxing Day 2023 and provides that, subject to prescribed requirements – which most qualifying leaseholders are likely to meet – a qualifying leaseholder will continue to benefit from the protections in the BSA if they extend their lease.
In addition, Section 243 of the Act will have retrospective effect meaning that a lease extension by a qualifying leaseholder in a relevant building which completed on or after 14th February 2022 will also continue to benefit from the cost protections afforded by the Act.
LCF Law is a member of ALEP (the Association of Leasehold Enfranchisement Practitioners), which recognises our experience and expertise with lease extensions.
If you would like to discuss extending the term of your lease, please contact Real Estate Solicitor Ryan Cotton, who can guide you through the process, on 01274 848 837 or at ku.oc1701644043.fcl@1701644043notto1701644043cr1701644043.
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