Don’t trust informal lease extensions

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29 Mar 2016

Don’t trust informal lease extensions

Author: Duncan Matthews

Romans Surveyors warns owners of leasehold properties not to trust informal extensions but instead to only opt for statutory lease extensions that are protected by the law.

Informal lease extensions quote

When you contact your freeholder about extending the lease on your property they may offer you an informal lease extension option. On the surface this sounds like a great way to save money but it can result in undercover charges costing you tens of thousands of pounds.

“As a leaseholder you have a legal right to extend your lease by an additional 90 years and reduce the ground rent to zero if you’ve owned the property for more than two years” comments Duncan Matthews, Surveyor and lease extensions specialist at Romans.

“Always ensure that your lease extension follows the guide set out in the Leasehold Reform, Housing and Urban Development Act, and that the surveyors you use are members of the Royal Institution of Chartered Surveyors.”

Informal agreements are not protected by the law therefore the freeholder can make changes to the terms of the lease, such as adding clauses about ground rent charges, and increasing service charges, which could result in you paying a lot more money over the years, and making it extremely hard to sell your property.

Not sure where to start when extending your lease? Read Romans Surveyors’ guide to lease extensions.

If you think you should be extending your lease and would like to know how Romans Surveyors can help, or you require a lease extension valuationplease contact Duncan Matthews on 0845 485 6668 or email dmatthews@romans.co.uk.

Informal lease extensions

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