The Leasehold and Freehold Reform Act 2024 promises major changes for leaseholders, including 990-year lease extensions and the abolition of marriage value. But which reforms are already in force, and should you wait before extending your lease or buying the freehold? Here's what leaseholders need to know.

Many leaseholders are delaying lease extensions in the hope that leasehold reform will reduce costs. However, changes to valuation assumptions such as deferment rates could mean some leaseholders end up paying more. Before deciding whether to wait, it's important to understand the potential risks and uncertainties.