Our Commercial Property lawyers have extensive experience of transactional work in respect of business premises, hotels and agricultural property.
This work involves leasehold and freehold matters, as well as licensing and sub-leasing agreements in respect of business premises and investment properties. Our experienced commercial property lawyers also deal with finance and security transactions relating to real property transactions and are familiar with the technical requirements relating to stamp duty and registration of real property interests of all kinds.
Leases originally granted for 99 years (typically) become harder to sell for full value as the lease term diminishes – mainly because a lot of mortgage lenders won’t lend on any term less than 60-65 years.
If your lease was originally granted for more than 21 years and you’ve owned it for at least 2 years you have the right by statute to claim a new extended lease from the landlord which will take effect as a lease for the remainder of the present term of years plus another 90 years. The ground rent will be nominal but you’ll be required to pay for the new lease and make a payment for the landlord’s costs.
Our commercial property solicitors are able to initiate and conduct the procedure which requires an agreement as to the value of the new lease by reference to an accepted formula. If matters cannot be concluded by agreement a tribunal procedure is in place to resolve the problems.
You should pay attention to the need for a lease extension well before you decide to move or you may find yourself losing thousands on a devaluation of your property.