Impartial person to read lease

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    Impartial person to read lease

    My solicitor has drawn up a new lease for my buyers and has asked me to check it and let her know of any amendments, assuming I even understand a lease.

    The new lease looks somewhat different to the existing lease in the other flat.

    Who would be the best person to advise me?

    Thanks

    #2
    That's exactly what your solicitor is for, get a new one.

    Comment


      #3
      I agree, your solicitor should be explaining the lease to you and the reasons for any amendments to the other lease

      Comment


        #4
        Originally posted by Section20z View Post
        That's exactly what your solicitor is for, get a new one.
        So true. We had a rubbish one when we bought our flat 10 years ago, which had a brand new lease. So much we picked up that the solicitor completely missed, and a lot more I would have queried if I knew then what I know now! FH's solicitor was even worse and allowed us to add/remove clauses unchallenged.

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          #5
          Originally posted by thecrazy1 View Post
          My solicitor has drawn up a new lease for my buyers...
          Surely, if the new lease has been drawn up for people who are buying the flat, the appropriate people to check the lease and confirm that the terms are acceptable will be the buyers and their solicitor?

          What you think of the new lease really doesn't matter because you will be selling and won't have to live with it (unless the buyers pull out of the sale).

          Comment


            #6
            As the OP remains the freeholder it is in their interest to check the terms , certainly as far as ground rent , increases and term.
            i would also be checking that the lessee is obliged to pay 50% of repairs and insurance but solicitor should explain all that

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              #7
              The points to check are if your building is converted into 2 flats :

              ( a) ground rent figure - do you agree ?

              (b) Service charge contribution paid by the flat ? Together with the other flat , does it add up to 100% ?

              (c) Buildings insurance by both flats together ? Does the contributions add up to 100%

              ( d) maintenance items under the service charge , does it match the other lease ?

              Comment


                #8
                Originally posted by Section20z View Post

                As the OP remains the freeholder it is in their interest to check the terms , certainly as far as ground rent , increases and term.
                i would also be checking that the lessee is obliged to pay 50% of repairs and insurance but solicitor should explain all that
                Yes, that makes perfect sense, if that's the case.
                The first post doesn't make it at all clear what the circumstances are.

                If the OP remains the freeholder they need to make sure that all potential reasonable expenses are clearly covered by the lease (not that the leaseholder the flat will be sold to necessarily pays 50% of costs, but that 100% of costs will be covered).

                Comment


                  #9
                  All leases have variables such as the parties, the premises let, the rent and term. A landlord obviously knows them and can check those details. Beyond that there are many possibilities for the various clauses, the significance of each one and how it should be worded may be lost on a client with no experience of property legal documents. If a conveyancer takes instructions on every possible provision the process is likely to seem never-ending to the client. Indeed some clients will expect the conveyancer just to get on with the job. A compromise is for the conveyancer to concentrate on what the client wants in respect of the provisions where problems are likely to arise such as alterations and disposals. The conveyancer also needs some basic information such as whether the property is of traditional or modern construction, what precisely is to be included and how the service charge is to be set up. Up to a point it is horses for courses. A precedent on the word processor or taken straight from a book may suit two flats in a conversion, but if it is a major development a long drafting meeting with the client is needed.

                  Where, as here, there is a building with two flats and a lease of one has already been granted, the starting point has to be the existing lease. The conveyancer should read the existing lease and if it is perfectly adequate use it as a precedent making only such changes as are necessary and ensuring that the new lease dovetails with the existing lease. If the lease is defective then the situation needs to be discussed with the client. That is best practice. So long as the existing lease does not contain an obligation to grant a lease in the same terms, it is not wrong to use a different form of lease so long as the provisions dovetail. However, using a form just because you have it to hand is not best practice.

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