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Hi, it would be sensible for the 3rd Leaseholder to join in and agree as it ill benefit them to have their Lease extended. Once the third party is on board, it is just a case of you all instructing a local Conveyancing Solicitor to prepare the Lease extension Deed (you can agree to have the Lease extended for whatever term you wish but it would be normal to have it extended for an additional 90 years or you can even extend by an additional 999 years).
Your Solicitor will prepare 3 Lease extensions in the same format and once signed by you in your capacity as Freeholders and Tenant, the Deeds will need to be registered at the Land Registry. As all 3 Lease extensions will be in the same format, your Solicitor shouldn't charge as much as if he was doing 3 separate Lease extensions for 3 different clients.
You are best to phone 2 or 3 local Solicitors to get a quote before you decide which Solicitor to instruct.
I trust this helps and sets out the general legal position.
Hi, the document would normally be called a Lease extension Deed as opposed to a Deed of Variation.