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I paid thousands to extend my lease – but made one big mistake
Informal lease extensions are cheaper, but might leave you paying hundreds of pounds a year in ground rent
11 May 2021 • 6:32am
Leaseholders have been warned about the perils of informal extensions rather than using the law to lengthen their leases.
Properties with a lease of under 80 years are viewed warily by mortgage lenders and can be difficult to sell. Earlier this year the Government announced a radical overhaul of property law, including the right to extend leases to 990 years and with annual ground rents set to £0. In the meantime, leaseholders must navigate the existing archaic system.
Dialling in: leaseholders join Rupa Huq and cladding crisis panellists on a video call EALING Central and Acton MP Rupa Huq hosted a virtual round table with people worried about the crisis around cladding on high-rise buildings. Almost 50 Ealing and Acton leaseholders dialled in to listen from panellists who included Sebastian O’Kelly, of the Leasehold Knowledge Partnership, and Sarah Jones MP, Labour’s Shadow Fire Service Minister. Spokespeople from housing associations, including A2 Dominion, Catalyst, Notting Hill Genesis and Shepherds Bush Housing Group, provided input. Ms Huq, who also serves as chair of the All-Party Parliamentary Group on London Housing and Planning, said: “Unsafe cladding has been an incredibly active issue in the inbox lately, so I invited every constituent who has written in on the topic to take part in this discussion.
Politicians and campaigners angrily rejected long-awaited Government plans to end the cladding scandal yesterday as a betrayal of innocent leaseholders.
Housing Secretary Robert Jenrick pledged a further £3.5billion to help end the safety crisis following the 72 deaths in the Grenfell disaster.
More than a million leaseholders face bills of up to £115,000 to fix unsafe homes. Mr Jenrick told the Commons that those in blocks over 18 metres (60ft) high would no longer have to pay to replace flammable cladding. But MPs and leaseholders reacted with fury at the news that loans costing up to £600 a year will be forced on hundreds of thousands of homeowners in low and medium rise blocks – potentially blighting resale values.