Leasehold Reform Act
The Leasehold Reform Act 1967 is a UK law that allows certain leaseholders of residential properties to buy the freehold or extend their lease, often at a reduced cost. This legislation aims to protect leaseholders from excessive charges and improve their security in their homes. It applies primarily to flats and houses with long leases, ensuring that tenants have a path to ownership rather than remaining dependent on the landlords for perpetually renewing their leases. The act was a significant step towards enhancing tenant rights and promoting fairer housing conditions.
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The Leasehold Reform Act is a UK law that allows leaseholders—people who rent their homes on a long-term lease—to extend their leases or buy the freehold (the ownership of the land). It aims to protect leaseholders from excessive costs and ensure fairness, particularly in cases where leases are short, which can devalue properties. By providing these rights, the Act seeks to enhance the security and financial stability of leaseholders, giving them more control over their homes. It's an important piece of legislation for those living in leasehold properties.