Our team can help you if you are a tenant or a landlord and are looking to:
- Extend a lease
- Extend multiple leases
- Sell the freehold of a building, subject to long leases.
Working in close association with our Dispute Resolution team, once terms have been agreed we can put in to place the necessary documentation.
Terms can be agreed by direct negotiation between the landlord and the tenant(s). There is also legislation in place giving qualifying tenants the ability to extend their leases, acquire the right to manage the building themselves and even acquire the freehold to the building.
We can act on behalf of the tenants or the landlord.
Useful points to consider:
- Instruct a suitably qualified surveyor to provide an accurate assessment of the premiums likely to be involved. We will be happy to recommend a surveyor to you
- If you are a tenant, it can take a long time to agree terms with the landlord, particularly if you have to follow the statutory procedure. If you are looking to sell your property it may not be possible to tie in both matters at the same time
- It may be cost effective for all leases in the building to be extended at the same time
- If there is a mortgage on the property, the lender's consent to the transaction will be required
- If you are a group of tenants looking to acquire the freehold of the building, you will need advice on the most appropriate vehicle for the purchase (e.g. individual names, a company, LLP).
For further information please contact one of the team.