Here at TW we understand that extending the lease as a freehold can be a difficult process, understanding the statutory rights surrounding the subjects for both parties.
Whether you own leasehold property as a management company, a collective of leaseholders, or a private investor, it is likely that eventually one of the flat owners will approach you about altering or extending their lease.
That approach may come in the form of an informal approach to ask you to propose terms for a lease extension, or it may come in the form of a formal notice of claim to extend their lease.
Informal lease extensions
negotiating terms for a lease extension can be tricky and you may not be comfortable dealing with the offers and counter offer back and forth. Once the terms are agreed, you will need to ensure that the documentation protects you as the landlord and takes effect without unintended consequences. there may also be out of date clauses in the lease that you will need to update at your building, or specific figures and fees in the current lease which are obsolete due to inflation. A lease extension can be a prime opportunity to review the lease and deal with any issues that have been plaguing the building, if the tenant will agree to do so.
Formal lease extensions
if mismanaged, a formal lease extension claim could result in a lease extension being granted to a tenant at a premium which is unfairly low or in a deed which does not properly reflect changes to the building since the original lease was granted.
it is vital that these claims are dealt with promptly and properly and that all statutory deadlines are met to ensure that the lease extension takes proper effect at a fair price.
What Thackray Williams do:
We act for landlords in ensuring that lease extension documentation contains everything it needs to ensure the building can be properly run and managed. We can arrange to update obsolete clauses in leases during the process, and advise you on how best to implement agreed terms in the deeds.
In informal claims we can help you esnure that a fair price is paid for an extension, and that you are properly represented at any tribunal claim to detemrine the price or terms.