Leaseholder wants reform over system's 'disgrace'

Paul Harrison has said reform to the system needs to be swift

A leaseholder who faces spending £77,000 to extend the lease on his home has urged the government to act swiftly to help people like him.

Paul Harrison, who lives in Maidenhead, Berkshire, has suffered “restless nights” after learning he would have to pay the sum to extend the 36-year lease on his maisonette.

A new law on leaseholds and freeholds was passed by Rishi Sunak’s government in May but elements of it must still be enacted by the new Labour administration.

The Ministry of Housing, Communities and Local Government was approached to comment.

Retired Mr Harrison, 60, said the current leasehold system is a “total disgrace” and needs urgent reform.

But he is unsure if he should pay the freeholder to extend the years for another 116 years or to wait for the legislation to come into effect.

The cost to extend his lease has multiplied by six since he bought his home in 2005.

“When I realised what happened I felt really, really sick and I’ve been having restless nights. I’ve been thinking about this a huge amount, it is a horrible situation to be in,” he added.

Katie Kendrick said many leaseholders remain "in limbo"

Katie Kendrick, from the National Leasehold Campaign, said leaseholders who have less than 80 years on their leases particularly stand to benefit from the legislation.

“In the meantime leaseholders remain in limbo. They don’t know whether to extend their lease now or wait to the future.

“Every single day there is another traumatic leaseholder who have that penny drop moment,” she said.

“Your home should be your safe haven, it shouldn’t be someone else’s investment. You shouldn’t be used as an endless cash cow.”

Linz Darlington said some buyers realise disadvantages after they've bought their property

Linz Darlington, the managing director of lease extension specialist Homehold, said: “Lots of people don’t realise the disadvantages of owning of leasehold property and it is the responsibility of their conveyancing solicitor to advise them properly.

"But most people, by the time they’ve got conveyancing solicitors in play, they have already committed time and money to the purchase of the property."