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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 237
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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Ive been a regulated tenant in my block of 20 flats since

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Ive been a regulated tenant in my block of 20 flats since 1979. Only two flats are regulated (mine is no. 20)The landlord is putting the freehold up for auction in November.
Should I do nothing or is there an advantage to me to take up the offer ? Im 79 yaers old. Here is what is being briefly offered:
The terms of the Overriding leaseback in respect of flat 20 shall be that it is granted for nil consideration for a term of 175 years from 24/06/16 at aground rent of £175 per annum increasing by £175 every 25 years and containing the landlords consent for the tenant to carry out any necessary works to incorporate and make habitable the vacant roof area into the flat carry but otherwise the lease will be in the standard form of lease for a flat in the building with suitable adaptation to take account of the fact that the leaseback is subject to a regulated tenancy and the demise will include the vacant roof area. Many thanks
Submitted: 6 months ago.
Category: Law
Expert:  propertylawyer replied 6 months ago.

Hi Keith

Thanks for your question.

I would just like to clarify, you are a tenant under a tenancy agreement and the are now offering you a long lease? So you will be a tenant under the lease which would make you the 'landlord' of the regulated tenancy to yourself.

To acquire a 175 lease for nil consideration seems like a good offer. It us an asset which you can sell. Any other conditions attached? Do you have to do works to the loft space? How long does the landlord's consent last?

Customer: replied 6 months ago.

Thanks, ***** ***** a regulated tenant since 1979 and now being offered a long lease. If I took the long lease would I then have to pay normal service charges, which at present I do not.

Expert:  propertylawyer replied 6 months ago.

Yes, most probably you would if there are services and they are reserved in the lease.

Typically a tenant under a lease pays ground rent and service charge. Whilst there would be an ongoing liability to pay these sums you will acquire an asset which you can sell, rent or bequeath by will.

Please can I ask that that you accept / positive rate my reply so that I receive credit for helping you. Happy to assist further thereafter.

propertylawyer, Solicitor
Category: Law
Satisfied Customers: 237
Experience: Property Solicitor with expertise in commercial and residential property transactions.
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