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

                              • transitioning from FTT appointed manager back to RTM
                                poppyfield
                                Hello,

                                Would be extremely grateful for help with this from someone with experience and knowledge of RTM companies:

                                I am a leaseholder in a large (30) block of flats. Up until 4 years ago the building was under RTM management (for about 10 years), but for the last 4 we have...
                                11-02-2019, 06:51 AM
                              • Reply to transitioning from FTT appointed manager back to RTM
                                eagle2
                                The appointment of a good managing agent is very important and will ease the workload of the directors as suggested above. Ideally the directors would carry out due diligence and consider 2 or 3 different managing agents and seek references from directors at other blocks before appointing an agent....
                                16-02-2019, 06:55 AM
                              • Replacing RMC with RTM
                                Centurino
                                In seven days time we have a residents meeting to decide on the future of our apartment blocks; one with nine apartments, one with four apartments, thirteen total. They are about three meters apart physically. Our freeholder liquidated in 2012 and the lender took over as default who then set up an RMC...
                                11-02-2019, 16:11 PM
                              • Reply to Replacing RMC with RTM
                                eagle2
                                When the mortgage company started to claim ground rent from you, did it supply you with proof that it had become the freeholder? If not, I would ask for evidence as you have been unable to confirm with HMLR. It cannot be the “acting freeholder”, the liquidator of the freeholder Company would have...
                                16-02-2019, 06:48 AM
                              • Freeholder duties
                                FreeH1
                                I am trying to sell my flat for which I have a shared freehold with the 2 other flats in the block.

                                Today I have been informed that one of the freeholders is refusing to complete and return the TR1 (and another form I believe is the PR1?). Without this we are unable to continue with the...
                                15-02-2019, 18:49 PM
                              • Reply to Freeholder duties
                                eagle2
                                I would try to have a word with the freeholder who is refusing to complete the forms and find out her reasons. If that does not work, a strongly worded letter from the solicitor stating that you will be seeking compensation should be sent to the freeholder. Actually proving a loss as a result of the...
                                16-02-2019, 06:46 AM
                              • RTM to Management Company
                                jimcarver
                                I purchased a property in January 2018, that was supposedly managed by a RTM company. However, there have been no fees collected and the building insurance has now expired.

                                There are 5 flats in the property and only 2 of us are currently looking to address the issue.

                                My theory...
                                15-02-2019, 02:53 AM
                              • Reply to RTM to Management Company
                                eagle2
                                The directors should be making decisions on behalf of the RTM, so it is important to find out who are those directors. You should have a meeting of all 6 members and decide on the way forward. You may need to appoint new directors for a start. You should also try to understand why 2 members are objecting...
                                16-02-2019, 06:44 AM
                              • Reply to Freeholder duties
                                FreeH1
                                Thank you. I thought I had read that they were obliged to sign.

                                The other owner is happy and willing to complete the forms. There are no issues there. It’s just this one freeholder who doesn’t appear to be willing to complete the forms.

                                If if unable to sell we would lose...
                                16-02-2019, 03:14 AM
                              • Reply to RTM to Management Company
                                jimcarver
                                Thanks for your replies.
                                Sorry if my terminology is confusing or incorrect.
                                When I say and RTM, I mean a collective of the flat owners, when I say management company I mean management agent.

                                I have since made further contact and 4 of the 6 owners (sorry the 5 above was a typo)...
                                16-02-2019, 02:18 AM
                              Working...
                              X