Duration: 20 minutes
Platform: Microsoft Teams
Speaker: Jatinder Bhamber & Rebecca Brady
Reforms in the Leasehold and Freehold Reform Act 2024 (LAFRA) and the Renters’ Rights Bill will affect shared ownership management.
The changes include reforms to the process of extending leases, right to buy freehold, ground rent changes and possession processes specific to shared ownership.
Why Boards need to be thinking about it:
- Possession – The proposed changes will have a significant effect on the way possession of a shared ownership lease is gained. Landlords will no longer be able to rely on provisions of the Housing Act 1988, with possession of a shared ownership property possibly only being able to be sought by way of forfeiture proceedings. Consideration will therefore need to be given to approach to recovery of arrears of rent and service charges ahead of the changes coming into effect.
- Planning and Training – Landlords should start considering what action needs to be taken, including changes to their processes along with refreshed training of employees to ensure there is a smooth transition.
In this session we will cover:
- An explanation of the changes – This would explain the changes to shared ownership management, as proposed via LAFRA and the Renters’ Rights Bill.
- Possession – We will detail the changes to possession and how landlords will no longer be able to serve a notice of seeking possession (NSP) and what to do instead.
- Other considerations – The session will include a discussion surrounding planning/training and how best to mitigate against any new exposure and risk to the organisation because of the reforms.
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