extending the lease

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    extending the lease

    Hello People,

    I'm new to this forum & apologise if this question has already been answered. I could not find any other post which dealt with the topic & do not expect this issue arises that frequently.

    I am in the process of purchasing a flat which has a relativity short lease. The vendor has submitted the ‘notice’ to the freeholder, which in turn has been acknowledged & they are now in possession of a counter-notice. I have search the Internet & found that the ‘benefit’ of this notice needs to be transfer across to me on day of completion to give me the right to proceed with the statutory lease extension as we are due to complete on wednesday. Can anyone advise of what information needs to be on this document? I have searched the Internet & found a template which can be seen below. Does this document not require my signature or need to be witnessed by a third party? Is there any requirement to have a specialized solicitor involved? Many thanks for reading this post & for any advise you can give.

    ************

    Leasehold reform, housing and urban development act 1993
    Section 14(2)

    Participating tenant: Notice of assignment

    To: (I think this will be me)

    From: (the current owners)

    This notice relates to property known as (insert address of property)

    We do elect to participate in the proposed acquisition of the specified premises known as (insert address of property)

    Signed

    Assignee (the current owners)


    Notes (is this also required?)
    1. Where a lease of a participating tenant is assigned, the assignee can be substituted as a participating tenant. Whether he or she wishes to participate in the acquisition or not, he or she must notify the nominee purchaser.

    2. Assignment includes a assent by personal representatives, and assignment by operation of law to a trustee in bankruptcy or mortgage through foreclosure, and ‘assignee’ is to be construed accordingly: section14(9) of the Act.

    3. This notice must be give within 14 days of assignment.

    #2
    The form seems to be a Notice only.
    What you need is a Deed of Assignment, vesting V's statutory rights in you as P. You can then pick up where V leaves off. Do you want me to act for you in that part of the work, or are your existing sols. able to handle it?
    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
      Yes, just what is your solicitor doing for you?

      Comment


        #4
        Jeffery / Poppy, thanks for your replies. Due to the lack of time involved I was planning to buy the relevant form online, fill in the blanks (address/vendor details) & pop round to the vendors flat to get it signed / witnessed. Is that not recommended? From what I have read on the internet (which I know should never be relied upon) I am under the impression that this ‘deed of assignment’ needs to be signed & witnessed no later than on the day of completion (which is on Wednesday). Neither of the conveyancing solicitors have had any involvement with the lease extension thus far. All documentation has been provided by the vendor (with the help of a neighbour who has already extended the lease on their flat). I have found another draft form on http://www.clickdocs.co.uk/samples/assignment.pdf ,can you advise if this the one I need?

        thanks,

        John

        Comment


          #5
          Is your solicitor one of those arm's length fixed price conveyancers located in a completely different part of the country from where you live?

          If that's so, that is (probably) counting against you because your purchase is complicated by it being a lease and that you want the existing lessee's rights to extend the term.

          I think it is best that your solicitor is involved with drawing up and executing any deeds which must be in place on or before exchange. Get on their case. Make sure they understand what is required. Chase up frequently.

          Comment


            #6
            Originally posted by John-walker View Post
            Jeffery / Poppy, thanks for your replies. Due to the lack of time involved I was planning to buy the relevant form online, fill in the blanks (address/vendor details) & pop round to the vendors flat to get it signed / witnessed. Is that not recommended? From what I have read on the internet (which I know should never be relied upon) I am under the impression that this ‘deed of assignment’ needs to be signed & witnessed no later than on the day of completion (which is on Wednesday). Neither of the conveyancing solicitors have had any involvement with the lease extension thus far. All documentation has been provided by the vendor (with the help of a neighbour who has already extended the lease on their flat). I have found another draft form on http://www.clickdocs.co.uk/samples/assignment.pdf ,can you advise if this the one I need?

            thanks,

            John
            No- that form (only partly legible due to wide red stripe down middle, probably to stop you using it) is just a basic Assignment.
            You need a more specific Deed, relating to the vendor leaseholder's statutory notice which establishes the rights.
            If your own solicitor won't or can't help, contact me direct.
            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


              #7
              Poppy / Jeffery,

              Thanks again for your advice. That's right, my solicitor either can't or won't help me with this, I’m not sure if she knows that much about this field. I will speak to the vendor & probably contact you directly Jeffery,

              Regards,

              John

              Comment


                #8
                John-walker I hope you appreciate that no one on an internet forum should ever advocate tinkering with legally binding agreements of which the parties have no real knowledge of whether the agreement reflects the desired legal intention in the first place.

                Bear in mind that extending the lease is open to negotiation between the freeholder and the lessee at any time during ownership. Have you ever spoken to the freeholder about their thoughts and attitude? Surely you'd want to know a bit about the freeholder before buying a lease to which you bear an obligation?

                Comment


                  #9
                  Take a look at the Leasehold Advisory Service website.

                  Comment


                    #10
                    thanks for your help,

                    john

                    Comment

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