extending the lease

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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

                    Latest Activity

                    Collapse

                    • Service charges according to floorspace vs lease stipulation
                      by Santa Fe
                      Hello. I own a flat in a block of four. The new owner of the smallest flat is disputing their contribution to service charges based on floor size. All four flats have historically paid 25% each, but of the four leases only mine states that I pay 25%. I have spoken with a solicitor about this and he...
                      24-01-2022, 22:55 PM
                    • Reply to Service charges according to floorspace vs lease stipulation
                      by Lawcruncher
                      Whether the complaining owner goes to a tribunal or a court, I think that on any assessment a basement bedsit paying the same as a two bedroom flat is not "fair and reasonable". You do not really want to be getting into tribunals or the like. I suggest you propose that the two bedroom flats...
                      26-01-2022, 09:01 AM
                    • Reply to AGM cancelled.
                      by Andrea Cunningham
                      Call an EGM. Make sure you give proper notice and that it is legal (download a boilerplate notice off the internet). In that EGM you can vote new directors in, or even vote the old directors out.
                      26-01-2022, 07:14 AM
                    • AGM cancelled.
                      by Grumio
                      Is this legal?

                      A bit of background, we currently have three directors, we are allowed to have up to a maximum of eight directors according to the articles of association. We are all leaseholders. Last summer the three directors decided to hire a managing agent who is now in charge of the...
                      26-01-2022, 00:46 AM
                    • Lease extension triggers doubling ground rent change
                      by SouthernDave
                      Has anyone had dealing with doubling ground rents?
                      i have just asked for a quote for a lease extension and they are proposing new ground rent terms of a doubling ground rent every 25 years. My commercial guy has said some lenders don't like these which may reduce the value of the property of i...
                      25-01-2022, 22:53 PM
                    • What can I do about my right of way.
                      by Trevor62
                      I live in the upper flat of a maisonette, I have a right of way that goes around the back of the building from the side entrance, there are only two flats in the building.

                      Anyway for years there has been a gate with a lock to go through the right of way, now for the past year the flat has...
                      23-01-2022, 23:01 PM
                    • Reply to What can I do about my right of way.
                      by Trevor62



                      This is the ROW as it is in the land registry.


                      Can I ask another question?

                      As you can read it says Boundary determined by edge of pavings. Before the other party moved out they built a fence along the boundary though they build it on my side of the...
                      25-01-2022, 20:58 PM
                    • Reply to Enfranchising from a company I'm already a member of.
                      by Andrea Cunningham
                      As I said right at the beginning, there are some very sound reasons to do this which I wasn't going to go into. Suffice it to say that the current situation is one where the building I live in suffers under the tyranny of the majority of the larger building. So what is being sought is genuine control...
                      25-01-2022, 20:24 PM
                    • Enfranchising from a company I'm already a member of.
                      by Andrea Cunningham
                      The estate I live on has 2 blocks. All the leaseholders are members of the company which owns the freehold and manages the block ("Share of freehold").

                      Suppose one of the 2 blocks decides to go it alone - so in other words gain the freehold from a company they are already a member...
                      04-10-2021, 12:07 PM
                    • Reply to Enfranchising from a company I'm already a member of.
                      by Andrea Cunningham
                      There is already no ground rent collected - so as I understand it the value of the freehold might be quite low anyway.

                      If this is all done by negotiation then it is a moot point regardless, and it brings me back to what I was actually asking about, which is how to fairly and equitably split...
                      25-01-2022, 20:10 PM
                    Working...
                    X