The Leasehold and Freehold Reform Act 2024 aims to improve leaseholder rights by abolishing the premium for lease extensions. However, John Lyon's Charity warns it may lose £1.4 million annually, jeopardizing its support for community organizations. The Somali Youth Development Resource Centre expresses alarm over potential funding loss, which could worsen conditions for the young people they assist. The charity argues that the law reallocates funds from charitable freeholders to wealthy leaseholders, raising concerns about fairness and accessibility for community resources.
The Leasehold and Freehold Reform Act 2024 abolishes the premium leaseholders pay to freeholders for extending their leases, impacting charity funding.
John Lyon's Charity warns it could lose up to £1.4 million annually due to the new law, risking closure of supported community organizations.
Community organizations like Somali Youth Development Resource Centre express shock and concern regarding the detrimental consequences of the law on their funding and operations.
John Lyon's Charity believes the act will merely transfer financial resources from charitable freeholders to affluent leaseholders, exacerbating existing inequalities.
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