I had the job of chairing the 15th ALEP Conference held at the Royal Institution in Central London. There were a number of interesting debates including the 47 Philimore Gardens decision and the ongoing debate about relativity, and also the Dolphin Square decision. Speakers included James Wilson from WA Ellis (Jones Lang Lasalle), Katharine Simpson from Pemberton Greenish, Mark Loveday …
Will the ground rent increase after a lease extension?
If your lease is extended under statute the ground rent will be reduced to a peppercorn (i.e. nil). There will be no more ground rent to pay and the lease will be extended by 90 years on top of the unexpired term of your existing lease. In other words, if your lease was originally 50 years long the new lease …
I am a freeholder. Do I have to grant a lease extension to the leaseholder?
There is no obligation to grant a lease extension to a leaseholder who simply asks for one. However, if a notice is served by a qualifying leaseholder and followed through, then the leaseholder has a statutory right to compel the landlord to grant the lease extension to 90 years on top of the unexpired term. If you fail to respond …
What happens if we cannot agree on how much the lease extension should cost?
If the parties cannot agree on a statutory case, the matter is referred to the First Tier Tribunal of the Property Chamber and they will determine the price that is paid. The Property Chamber is an ‘expert’ tribunal and can make its own assessment but will initially listen to the evidence submitted by both parties. It is necessary to produce an …