‘Since the property market coronavirus restrictions were lifted on 13 May 2020, there has been a reported rush to buy and sell houses and flats. Where property is leasehold, the sale of the lease is often the trigger which leads to a claim being made for either a new lease or the freehold under the Leasehold Reform Acts. The purchaser will always be concerned to see exactly what term is being acquired. A lessee of a flat wishing to buy a new lease must have owned the lease for two years before serving a notice (s. 39(2)(a) of the Leasehold Reform, Housing and Urban Development Act 1993). The same ownership period applies to a claim to acquire the freehold of a house (s. 1(1)(b) of the Leasehold Reform Act 1967).’
Falcon Chambers, June 2020
Source: www.falcon-chambers.com
