Forfeiture of long leases

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    Forfeiture of long leases

    If a freeholder becomes insolvent, do the long leases just get passed on to the freeholder's trustee in bankruptcy? Or are there any circumstances in which the leases can be forfeited?

    #2
    Originally posted by Turtle View Post
    If a freeholder becomes insolvent, do the long leases just get passed on to the freeholder's trustee in bankruptcy? Or are there any circumstances in which the leases can be forfeited?
    A lease cannot be forfeit unless it's the T who is insolvent.

    If it's the L who's insolvent:

    i. f/r vests in trustee, but remains subject to the leases;
    ii. Ts may have statutory right to acquire f/r- depends on if property is house or flats. If flats, trustee may consider f/r onerous and could disclaim it. It then vests in Crown. Treasury Solicitor may then offer it to collective Ts; and
    iii. in any such case, leases not directly affected and stay valid.
    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


      #3
      Originally posted by Turtle View Post
      If a freeholder becomes insolvent, do the long leases just get passed on to the freeholder's trustee in bankruptcy?
      The lessee remains the owner of the long lease. Nothing changes in that respect.
      Originally posted by Turtle View Post
      Or are there any circumstances in which the leases can be forfeited?
      A freeholder may have grounds to forfeit if the lessee breaches the covenants of the lease.

      Comment

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