The Conveyancing Association has brought out an in-depth guide discussing the key sections of the Leasehold and Freehold Act 2024.
The Leasehold and Freehold Act 2024 came into effect on 24 July and was one of the last pieces of legislation to become law in the parliamentary wash-up period, which are the last few days before a Parliament is dissolved.
This occurred due to the election being announced and can mean that bills either do not progress or progress quickly in a much shortened form.
The guide aims to help conveyancing firms, property owners and other stakeholders “understand and navigate the significant changes introduced by the new legislation”.
This includes a detailed overview of the four critical points of the act that come into effect this month, along with key updates on Building Safety Act 2022 and regulations around rentcharges.
Key sections of 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 and insolvency notifications for high-risk and relevant buildings.
Beth Rudolf (pictured), 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.”
The trade body recently brought out a guide to digital and electronic signatures and updated best practice for estate agents.
The Conveyancing Association has also come out in support of Lloyds Banking Group research on conveyancing scams, noting that the volume of attempts of conveyancing scams were “incredible”.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
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