Lease Hold Extention with Head Lessor

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    Lease Hold Extention with Head Lessor

    Hi

    If anyone has any advise I would much appreciate it

    I own a leasehold flat with 76 years remaining on the lease, there is a head lessor and freeholder.

    The ground rent is as follows
    £125 for the first 25 years
    £225 for the second 25 years
    £350 for the third 25 years
    £500 for the remainder of the lease

    I recently re-mortgaged and the flat was recently valued at 450,000

    I have a couple of questions

    a) Im presuming there will additional costs on my part because of the head lessor but does a head lessor have any impact on my rights to extend the lease by 90 years? The head lessor has a similar term on the lease to myself

    b) We have received notice of major works from the managing agents the costs for the works are substaintial will the costs incurred for the major works have any impact on the valuation

    c) What can I expect to pay for extending the lease by 90 years

    Thanks
    Dereck

    #2
    I've been searching through the forums and tried working out the Deffered Value and I still cant.. please help

    Comment


      #3
      Originally posted by dekkerz View Post
      I own a leasehold flat with 76 years remaining on the lease, there is a head lessor and freeholder...

      I'm presuming there will additional costs on my part because of the head lessor but does a head lessor have any impact on my rights to extend the lease by 90 years? The head lessor has a similar term on the lease to myself.
      Yes. Your right to extend exists even though there are two layers of ownership above yours.
      However, is your L (leasehold reversioner):
      a. an investor who owns your flat only; or
      b. a flats management co?

      In 'a', the leasehold extension should entirely remove his interest so that you then have a lease direct from [i] his[/u] L as freehold reversioner.
      In 'b', the mgt. co's reversionary lease should first be extended so that it stays as your L once your underlease is extended.
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #4
        Thanks for the reply... unfortunately it's scenario b

        Comment


          #5
          Originally posted by dekkerz View Post
          Thanks for the reply... unfortunately it's scenario b
          Why "unfortunately"?
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #6
            well im assuming that because there are multiple parties, the free holder and the head lessor it will mean that I will incurr additional costs

            Comment


              #7
              Originally posted by dekkerz View Post
              well im assuming that because there are multiple parties, the free holder and the head lessor it will mean that I will incurr additional costs
              Yes, unless they use the same solicitor- but the premium (purchase price) payable for the leasehold extension will not be affected by the split.
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment

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