If you’ve approached your landlord for a lease extension and they’ve responded by suggesting they will put your lease back to (say) 99 years and increase your ground rent, should you accept their offer?
From a leaseholder’s perspective, the correct drafting and service of a notice of claim under section 42 of the Leasehold Reform Housing and Urban Development Act 1993 is the most important part of the lease extension process.
In England and Wales many people own a leasehold interest in their property. This means that they, as a ‘lessee’, have an interest in the property for a certain and limited ‘term’.
If you own a leasehold flat, in what circumstances can you claim on the building’s insurance and what is covered by that insurance? The answer can normally be found in your lease.
If two flat owners share the freehold, what happens to the loft space? In fact, there is no hard and fast rule and the answer will be determined solely by the terms of the lease.
Many residential leasehold owners wish to undertake works to their flats, but most leases contain covenants that restrict the ability of the tenant to undertake alterations.
In England and Wales there are legally only two ways that property can be owned; freehold and leasehold. Both are legitimate forms of ownership as they are both capable of registration at the Land Registry and they both entitle the owner to sell and mortgage their property.
If you are a member of an enfranchised company, you could add add value to your property by extending your lease to a term of 999 years.