|Selling properties with short leases has long been a challenge for estate agents. However, significant changes to leasehold rules were announced on 22 January 2025 by Matthew Pennycook, Secretary of State for Housing and Planning.

Key Changes:

• Leaseholders will no longer need to wait two years before exercising their right to extend their lease or purchase their freehold.
• The change is set to take effect by the end of January 2025, offering immediate benefits to new leaseholders.

Outstanding Reforms:

• No further details were provided about additional changes to the leasehold system, particularly provisions within the Leasehold and Freehold Reform Act, which was passed during the previous Conservative government but has yet to be implemented.

Labour’s Commitment to Commonhold:

• The Labour Government has reiterated its earlier support for transitioning to commonhold ownership, though details on what this will entail or timelines for implementation remain unclear.