What are the costs that could be incurred when a lease is surrendered early
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The first point to make is that you are not under any obligation to accept a surrender. That means you can set the terms. However, the tenant is not going to surrender if any premium you demand does not make it make it worth his while. What he is prepared to pay is for him going to be part of the overall cost of downsizing. It is down to negotiation. If you do not like what the tenant is prepared to pay then you decline to surrender. The important thing is to negotiate a clean break with dilapidations and costs all agreed and documented.
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What are the costs that could be incurred when a lease is surrendered early
Our commercial tenant wishes to surrender their Full Repairing lease 1 year early to move to much smaller premises. As well as costs associated with dilapidation and legal fees, what other financial implications could there be for them? A significant part of my income is from this tenant so I don't want them to think surrendering a lease is as inexpensive as they think.Tags: None
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by Martin448AHi,
received a letter out the blue from someone claiming to be the executor of the deceased freeholders of my leasehold maisonette. Have never receive ground rent request for payment for any of the years I have owned the property or has the other maisonette in my building.
They are now requesting...-
Channel: Long Leasehold Questions
16-08-2022, 00:30 AM -
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Reply to Ground rent arrears from executorby Gordon999Ash72 is correct. Ground rent in arrears can only be recovered for last 6 years. The GR must be demanded and served with proper notice by the freeholder or agent or executor , otherwise payment is not due ( and you can refuse to pay interest) .
How many years remaining on the lease...-
Channel: Long Leasehold Questions
16-08-2022, 15:27 PM -
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by SouthernDaveI’ve seen this question come up before, but I couldn’t find a topic specific to this question;
we have bought a leasehold flat which needs major work. I have submitted drawings to the freeholder for their permission to put up a wall and make a new door way, BUT…
changing the kitchen...-
Channel: Long Leasehold Questions
15-08-2022, 16:50 PM -
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by Section20zIn 40 years I have never been asked for consent to move a boiler but if a new flue hole was being made I would expect to be asked...
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Channel: Long Leasehold Questions
16-08-2022, 13:23 PM -
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by SouthernDaveThe boiler is a grey area for me. Surely I don’t need permission to replace it.
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Channel: Long Leasehold Questions
16-08-2022, 09:28 AM -
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Reply to Ground rent arrears from executorby ash72Under the Limitation Act 1980 the limitation period for recovery of ground rent is 6 years. This means that your landlord can only seek to recover ground rent going back 6 years. I would try and get in touch with the solicitor you were dealing with to see if the Freeholder has died etc.
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Channel: Long Leasehold Questions
16-08-2022, 07:44 AM -
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Reply to Ground rent arrears from executorby Section20zNo, no ground rent is due till s166 notice and demand is sent. There can be no interest added....
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Channel: Residential Letting Questions
16-08-2022, 07:03 AM -
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by MacromiaWhat does your lease say regarding your responsibilities?
My lease has similar restrictions regarding not making alterations and not cutting/injuring walls and floorboards, but also requires me to keeping a good state of repair, and renew when necessary, things like the bathroom and electric wiring...-
Channel: Long Leasehold Questions
16-08-2022, 06:00 AM -
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Reply to S146 manipulationby eagle2I don't think that would work, someone, eg a leaseholder, would need to make a claim against the directors and then the insurer would handle the claim probably without involving the agent or the solicitor. The directors are unlikely to be personally liable when following advice received. You could consider...
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Channel: Long Leasehold Questions
16-08-2022, 04:28 AM -
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by eagle2I opened an account at Barclays but other banks have similar accounts, perhaps by a different name. You should speak to the right person and explain that you are holding monies on behalf of others and you wish to open a client account. There should be no charges involved, the account will not be allowed...
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Channel: Long Leasehold Questions
16-08-2022, 04:16 AM -
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