Question 1

Extended Lease

Accepted Answer

Q: We own the freehold of the block and some of the lessees would like to extend their lease. The majority have a lease of 999 years from 25.3.1972. For those that don't, we have negotiated a reduced fee for the solicitor that acts on behalf of the management company, but he says the lessees also need to appoint a solicitor to act on their behalf. Is that really necessary seeing as we/they already own the freehold and there is no premium to pay, just the expense of preparing the legal paperwork and filing at the Land Registry? FPRA Committee Member Colin Cohen replies: There would be a possible conflict of interest if the freehold company’s solicitor acts for both the leaseholders and the company. Hence for that reason the solicitors are suggesting that each leaseholder appoints independently their own representative or a solicitor to advise them. It is of course not compulsory but up to the individual lessee to decide. [Submitted April 2017]

Question 2

Extended Lease

Accepted Answer

Q: We own the freehold of the block and some of the lessees would like to extend their lease. The majority have a lease of 999 years from 25.3.1972. For those that don't, we have negotiated a reduced fee for the solicitor that acts on behalf of the management company, but he says the lessees also need to appoint a solicitor to act on their behalf. Is that really necessary seeing as we/they already own the freehold and there is no premium to pay, just the expense of preparing the legal paperwork and filing at the Land Registry? FPRA Committee Member Colin Cohen replies: There would be a possible conflict of interest if the freehold company’s solicitor acts for both the leaseholders and the company. Hence for that reason the solicitors are suggesting that each leaseholder appoints independently their own representative or a solicitor to advise them. It is of course not compulsory but up to the individual lessee to decide. [Submitted April 2017]

Extended Lease

Search

Articles Archive