freeholder lease extension confusion

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    freeholder lease extension confusion

    i am the freeholder of a house split into 2 flats, 1 is where I live. myself and the other flat owner both have long leases of 78 years and have agreed a price for extending his lease and being joint freeholders. his solicitor is yet to serve s.42.
    My question is; should I extend my own lease quickly now before the procedure starts, or should I wait and get them done together? Obviously I don't want to end up paying for a lease extension when as full freeholder at present I could grant myself one now. But is that creating unnecessary paperwork / costs for myself?

    We're on good terms but don't know each other that well. I just don't want to leave myself vulnerable.
    thanks.

    #2
    Originally posted by kateandersonjack View Post
    i am the freeholder of a house split into 2 flats, 1 is where I live. myself and the other flat owner both have long leases of 78 years and have agreed a price for extending his lease and being joint freeholders. his solicitor is yet to serve s.42.
    My question is; should I extend my own lease quickly now before the procedure starts, or should I wait and get them done together? Obviously I don't want to end up paying for a lease extension when as full freeholder at present I could grant myself one now. But is that creating unnecessary paperwork / costs for myself?

    We're on good terms but don't know each other that well. I just don't want to leave myself vulnerable.
    thanks.
    If you (alone) own f/r AND a leasehold, you cannot unilaterally extend the lease. Lessor and lessee have to be different (eg you + X own one of the interests; you (alone) own the other).
    Ensure that new extended lease to neighbour is market-standard "eggshell" demise. You can later extend yours, so the two are identical mutatis mutandis.
    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).

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