Hello,
I'm in the final steps of completing a purchase of share of freehold flat in period conversion consisting of three flats. The lease is drafted a long time ago (in the 80s) when there was a commercial freeholder. It has gone through collective enfranchisement in the 2010, however there is no deed of trust/declaration of trust or any variations to the lease at that time. The building is now hold in trust with 3 owners in the title, and the owners manage the building together.
There are several issues that is bothering me:
One is my lease has 105 years remaining while two other leases have over 900 years remaining. Should I expect to be able to renew the lease to 999 years free of charge when the time comes, considering this is a share of freehold, or should I request this prior to completion?
Secondly, the way they are running the property is different the from the lease in several ways, the key point is the maintenance cost is split equally, while in the lease it is rateable value ratio. This way I will have to pay more, as my flat is smaller. However I don't mind as the staircase is now included in the common areas while in the lease, I'm responsible for maintenance cost of the staircase (I'm on the first floor). However should I get all this changes confirmed in a deed of variation, or should I just go with it?
Many thanks!
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