Question 1

Lease Extension

Accepted Answer

Q: Can the Federation help with advice on lease extensions? We would like to get valuations for extending our leases. Does the FPRA give advice on this? Alternatively, does it recommend a company to provide the information? FPRA Committee Member Shaun O’Sullivan replies: It is difficult to give even general advice without knowing a great deal more about your circumstances, the length of the current leases, how they were acquired, whether extended leases were granted upon acquisition of the freehold interest (collective enfranchisement) under the 1993 Act (as amended) or whether it’s just the one flat owner, who appears not to be part of the freehold company, who wishes to seek an extension. If you could provide more detail of your circumstances we might be able to offer more specific advice. However you might, in the first instance, find it helpful to read the article on Page 4 of the Summer 2010 Newsletter and the article on Page 2 of the Autumn 2011 Newsletter, both of which which can be accessed via our website https://www.fpra.org.uk Equally the Leasehold Advisory Service (LEASE) produces an Advice Guide which is available on-line via their website http://www.lease-advice.org. Just click on the ‘Advice’ tab for access to all their Advice Guides. On the basis that your company holds the freehold interest and on the premise that all leases are currently the same length it might be possible to grant extensions to all at nominal cost (plus legal costs) and without seeking a valuation; however if it’s just the one leaseholder who wishes to seek an extension it might be that a current market valuation will be required. Depending on your circumstances you (or any individuals seeking an extension) would be well advised to seek the advice of a solicitor versed in lease extensions and / or a valuation surveyor. Although we do not recommend or endorse particular solicitors or surveyors, you will notice that some who have advertised in our Newsletter can be accessed via the ‘Links’ tab on our website. Equally the Leasehold Advisory Service has a Practitioners’ Directory which can be accessed via the ’Services Directory’ tab.’ [Submitted October 2016]

Question 2

Lease Extension

Accepted Answer

Q: Can the Federation help with advice on lease extensions? We would like to get valuations for extending our leases. Does the FPRA give advice on this? Alternatively, does it recommend a company to provide the information? FPRA Committee Member Shaun O’Sullivan replies: It is difficult to give even general advice without knowing a great deal more about your circumstances, the length of the current leases, how they were acquired, whether extended leases were granted upon acquisition of the freehold interest (collective enfranchisement) under the 1993 Act (as amended) or whether it’s just the one flat owner, who appears not to be part of the freehold company, who wishes to seek an extension. If you could provide more detail of your circumstances we might be able to offer more specific advice. However you might, in the first instance, find it helpful to read the article on Page 4 of the Summer 2010 Newsletter and the article on Page 2 of the Autumn 2011 Newsletter, both of which which can be accessed via our website https://www.fpra.org.uk Equally the Leasehold Advisory Service (LEASE) produces an Advice Guide which is available on-line via their website http://www.lease-advice.org. Just click on the ‘Advice’ tab for access to all their Advice Guides. On the basis that your company holds the freehold interest and on the premise that all leases are currently the same length it might be possible to grant extensions to all at nominal cost (plus legal costs) and without seeking a valuation; however if it’s just the one leaseholder who wishes to seek an extension it might be that a current market valuation will be required. Depending on your circumstances you (or any individuals seeking an extension) would be well advised to seek the advice of a solicitor versed in lease extensions and / or a valuation surveyor. Although we do not recommend or endorse particular solicitors or surveyors, you will notice that some who have advertised in our Newsletter can be accessed via the ‘Links’ tab on our website. Equally the Leasehold Advisory Service has a Practitioners’ Directory which can be accessed via the ’Services Directory’ tab.’ [Submitted October 2016]

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