Lease extension

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

    #16
    Any property solicitor will do, and based on the earlier extensions the company likely already has its own.

    SGclacy is sadly incorrect as the orignal value and term is irrelevant but is correct in where there is a value to an extension and no earlier agreement ( all too common) on lease extensions, giving some for nil and some at a cost ( barring provisions as above or sale to a non participant) is wrong.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

    Comment


      #17
      Thanks leasehold
      Glad a property solicitor would do, because my Deeds are kept with a conveyancer who I am going to use - but who is is not the same person as the company firm of solicitors. It is correct there is a value to my lease extension and besides one cannot fail to see there are overdue roof repairs but no service charge let alone no company bank account and one director says she cannot afford.
      "I'll be back."

      Comment


        #18
        sgclacy

        thanks for your answers. I will speak to my conveyancer also about surrender and regranting a new lease. Lease extension and freehold can take up some months causes worry and stops people gettingon with their day to day life. When we had in this property a landlord and not a sf life was much easier.
        "I'll be back."

        Comment


          #19
          sgclacy,

          Thanks for pointing to the Direction of executing a Deed of Variation myself. I now see that a Companies Act 2006 came to effect October 2009 that a Director can execute Deeds in the presence of an independent witness and in this way It appears I can execute the Deed myself.

          I asked my conveyancing Solicitor to check that and prepare DoV for me to xtend my lease.

          Thanks again because it is very useful advice.
          "I'll be back."

          Comment


            #20
            I have now found a Lawyer who I am instructing and who suggested to prepare my Deeds for lease extension in the same terms the others. Only after your suggestion I found out that I could do it this way. I had not known that directors can execute Deeds signing themselves in the presence of a witness. It is now in the LR guides. Thanks again.
            "I'll be back."

            Comment


              #21
              yes but you can't sign a lease in your capacity as a tenant and then in your capacity as a director or company secretary - you have a right when you own a share in the freehold company to have granted to you a 999 year lease - simply get the deed of variation drafted and ask one of the directors to sign.

              Comment


                #22
                Thanks
                None of the other 2 directors will sign - this has been ongoing. The Lawyer has been instructed and says it can be done without the others signing.

                I do not know the motives of the others and sometimes personality problems develop.

                What worries me most is the sagging 2nd floor roof a frightful sight,my buyer lost his mortgage approval for this whereas the extension was less.
                "I'll be back."

                Comment


                  #23
                  Well the lawyer is wrong- in this case you are granting yourself a considerable benefit with a lease extension, without any consideration which as a director in this situation you cannot.

                  It can easily be overturned.

                  Do it at your own risk.
                  Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                  Comment


                    #24
                    Thanks

                    I do not see the point. It will be the same benefit as the other 2 directors granted to themselves. Same terms will apply. The other directors not only refused to grant me extention but they granted 999 years to themselves and on top of that asked me a premium in order to grant me a lease. Besides, the value of the director’s flats is a lot highr than mine.
                    "I'll be back."

                    Comment


                      #25
                      L/a have you seen such leases overturned? when and where?
                      My Lawyer said that the other 2 directors can contest but it would not be easy for them. If I did not take risks the only option would be to offer a premium and pay summs I have to borrow or sell.

                      The premium for my lease extension is extremely high (calculated by a surveyor recently) and it can be better put in other investments. I had found actually buyers for my property with the present lease.
                      "I'll be back."

                      Comment


                        #26
                        Well you have answered you own question havent you.

                        If the premium for the other flat would be higher the company would have recieved a lot more of premium than your flat's and in turn your dividend, or other shareout, from that large flat would be larger than your proportional contribution to your premium.

                        Say
                        £300000 /3 shared by 3
                        £250000 /3 shared by 3
                        You £210000 /3 shared by 3

                        Do the math.
                        Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                        Comment


                          #27
                          For erevry claim and contest there is a counter one.

                          The other directors run same risk of being contested. No premium was paid to me and I do not see why they should take unfair advantage and demand from me a premium. I do not know why the other directors act so. Perhaps they might have wanted in exchange of granting me a lease to aloow them various benefits such as change in the Covenants...
                          "I'll be back."

                          Comment


                            #28
                            You still haven't grasped it, stop looking for zebras
                            Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                            Comment


                              #29
                              No I don’t understand what you mean. But do not worry. My Lawyer has explained to me well. Thanks.
                              "I'll be back."

                              Comment

                              Latest Activity

                              Collapse

                              • First time buyer & lease
                                Sandtree
                                We are about to buy our first property and a little disappointed by our conveyencer, despite their glowing reviews on Trust Pilot etc.

                                The property was built in 2002 as a pupose built block of flats originally with 125 year leases. The vendor has lived there for 5 years and other than one...
                                16-07-2018, 15:24 PM
                              • Reply to First time buyer & lease
                                Gordon999
                                If you are not happy to pay the service charge , then don't buy leasehold and instead look for a freehold house
                                18-07-2018, 20:45 PM
                              • Forfeiture of lease by the Freeholder
                                asha
                                I am a BTL leaseholder. My tenant did not send me the ground rent and service charges demands and court notices. Unlike the previous freeholder this one did not send me any papers at my residential home. Therefore the bailiffs were sent and the property taken by the freeholder. I am willing to pay all...
                                15-07-2018, 21:25 PM
                              • Reply to Forfeiture of lease by the Freeholder
                                andydd
                                You need to explain more. Why were letters sent to your tenant? Did you give the FH your actual address ? As mentioned forfeature is very rare and there would be a while host of court dates first...I assume you knew nothing of them.

                                I'd get in contact with a solicitor ASAP and show him...
                                18-07-2018, 19:43 PM
                              • Late ground rent payment charges including legal fees?
                                Leaseholder GRS
                                I moved to a new address and totally forgot to pay my half year ground rent to E&M that is £100 on 1st March. All the letter chase were sent to my old address and I didn't get passed on by my tenants in time, only got them yesterday.

                                The first reminder asks for ground rent plus 50...
                                16-07-2018, 12:34 PM
                              • Reply to Late ground rent payment charges including legal fees?
                                andydd
                                Extra costs are only payable IF the lease allows and IF demanded correctly with Administration Charges - Summary of Rights attached..the s146 clause can't be used for amounts under £350 also note this figure can't be bumped up by admin/legal charges. From what your lease days all you may owe extra...
                                18-07-2018, 19:39 PM
                              • Disputed Service Charge
                                cottet03
                                I've had a good search through the forum but can't quite find the answers I'm looking for... So here goes!

                                I purchased a leasehold flat in 2013 (ex-Local Authority and they remained the freeholder) which had a section 20 notice estimate for £7,000 (per flat - 4 of them but we are the only...
                                17-07-2018, 14:37 PM
                              • Reply to Disputed Service Charge
                                eagle2
                                You are right to pursue the formal complaint against the Council and you are right to chase them on a regular basis.

                                To be fair to the Council, it cannot be easy for them to deal with the complaint if documents are in the hands of the managing agents and letters and notices were issued...
                                18-07-2018, 10:15 AM
                              • Lease Extension Questions / S45 received
                                ID1707
                                Hi there, I am looking for some advice about a formal lease extension for a flat with 66 years left on the lease.

                                Based on a valuer calculation I have offered the FH a premium of £8.5k in the S42 and their counteroffer is £14.5k...which seems to also includes their fees (... the premium...
                                17-07-2018, 09:38 AM
                              • Reply to Lease Extension Questions / S45 received
                                ID1707
                                My offer/proposal was based on the RICS valuer guidelines and report. He suggested between £8k to £10k based on the property price.
                                It was a formal extension via S42, so no GR, buying a new lease, etc.

                                My question is more about the process, i.e. is it just the matter of going up...
                                18-07-2018, 09:42 AM
                              Working...
                              X