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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7509
Experience:  UK solicitor holding an England and Wales practising Certificate.
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If you own a freehold on your property do you need to renew

Resolved Question:

If you own a freehold on your property do you need to renew your leasehold
Submitted: 1 year ago.
Category: Property Law
Expert:  Thomas replied 1 year ago.
Hi,
Thanks for your question.
Can you explain the situation a little bit more?
Is this residential or commercial?
Are the landlord and the tenant of the lease exactly the same person or people?
Kind regards
Tom
Customer: replied 1 year ago.

Residential I own 50% of freehold and the other flat own the other 50% tenants are the same people who own the freehold if this the case do we need to renew the lease before selling or do we own it outright that my understanding.

Expert:  Thomas replied 1 year ago.
Hi,
Are you the tenant on your own of one of the lease? (ie. you own 50% of the freehold and 100% of one of the lease)
Are you selling your interest in the property?
Kind regards
Tom
Customer: replied 1 year ago.

Ok the property consist of 2 flats residential both tenants owns their own flat and the freehold 50% each. Now one owner would like to sell her property she has been informed that she needs to renew her lease despite the property being a freehold.

Expert:  Thomas replied 1 year ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
That is correct. Basically, although she will be the tenant of the lease and has a share in the freehold, this does not mean that she can extend/renew the lease without the input of the other 50% freehold owner.
This is because in order to renew a lease all tenants/freehoders must execute a new lease. This means that both freeholder owners would have to execute it in their capacity as co-freeholders.
Although they do own the freehold, the arrange of the flats is such that the individual leases must remain in place because they are separate self-contained flats.
So, if it is the case that one wishes to sell their flat but there is no much time left on the lease then they would have to extend the lease with the help of the other freehold owner. Their conveyancer would sort it out in the process of the pre-contract arrangements in the sale, but it would be a good idea to speak to the other freehold owner to check that they won’t cause a problem.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Customer: replied 1 year ago.

Sorry I don't understand she has the freehold for her flat why would you go down the leasehold route again.

Expert:  Thomas replied 1 year ago.
Hi,
It's because the extent of the freehold title is not split up in to two parts basically. There is not one freehold part which relates to her flat and another separately which relates to the other flats, the freehold of the whole building in entirety is owned are owned together.
They way that you distinguish one flat from the building as a whole is by a lease, which is what was (correctly) done before and what must be done now to sell the flat to a buyer.
The advice she has received is 100% correct, but I do appreicate leasehold/freehold matters are a little difficult to understand.
I would not spend to much time trying to get your head around it and simply proceed pracically by:-
1. Confirming the other freeholder is willing to extend her lease without objecting
2. then instructing a solicitor to a) extend the lease and b) deal with the sale.
Tom
Customer: replied 1 year ago.

Hi Tom

Sorry for the delay I'm still trying to get my head around this.

Just few points to clarify this situation.

1. initially the property was on a leasehold

2. Option to buy the leasehold for freehold was made the option for freehold was taken

3. Received confirmation about being freehold owners haven paid charges applicable

4. Do not understand why property status should change to leasehold.

5. Why should tenancy come into this process when we own the property as freeholders.

Expert:  Thomas replied 1 year ago.
Hi,
The physical arrangement of the property is that it is constituted of two flats owned by two different people.
Therefore, you need a way distinguishing the flats from eachother so that they can be sold separetely or remortgaged. A lease is essentially what is used in order to do this, to separate the two flats from each other. This is because you can mortgage of sell one half of a freehold interest in the same way that you can with a Lease.
The only way that it would be sensible to terminate/expire the leases would be if the two tenants/freeholders stopped using the two flats and physically merged the property and started using the property as one house for one household (ie. as if they were living together in the same accomodation in a relationship).
I cannot explain it any better than that. It's not really necessary for you to understand why the leases must remain, it's just necessary for you know that they must and proceed on that basis by instructing a solictor.
Tom
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7509
Experience: UK solicitor holding an England and Wales practising Certificate.
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