What are the new 2024 Property laws and how will they impact you? All you need to know
Charles III, has given his first speech as a King in more than 70 years. It included one draft bill and 20 bills. Few of them are continued from the last parliamentary session.
King Charles announced two laws which will come into existence in 2024, to improve the property market. These are the Renters (Reform) Bill and the Leasehold and Freehold Bill.
In his speech, King Charles said: “My Ministers are going to bring a bill for reforming the housing market by turning it more affordable and accessible for the leaseholders to buy their freehold and for dealing with the fact that millions of homeowners face exploitation through stringent service charges.”
He further added: “Renters will be benefitting from greater security of tenure and improved value, while the landlords will derive benefit from reforms that offer the confirmation that they can get back their properties when the need arises.”
Renters (Reform) Bill
The second reading of the Renters (Reform) Bill took place on October 23. Certain features of the bill may turn into laws in 2024, however there is no such certainty.
The Bill has the objective of improving renting in the private sector, promising improved quality of accommodation and more security for the renters. It also introduces powerful forces to eliminate disruptive tenants.
Under the new guidelines, landlords have the power to throw out tenants who destroy the property or do not follow the agreement. Moreover, pets are allowed by renters and landlords cannot restrict that without a valid reason.
Leasehold and Freehold Bill
On November 27, the Leasehold and Freehold Bill was introduced in the Parliament. The early date on which it will be
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