Land Purchase

WMike

Hi Guys,

I have today purchased a Land from Auction which has Electrical Sub-Station. The land is freehold and it is subject to further 14 years lease. The electric company pays the rent which is 10 per annum.

I have paid £1500 for land and it is based in Rotherham. When the lease expires can I tell electric company to leave?

Can I increase rent, as lease does stipulate rent review every 20 years, it was signed back in 1968...and back then it was agreed between landlord and tenant £10 per annum so presumably no reviews have taken place.

Another thing, since I have already exchanged contracts, can I deal with my own transfer as Solicitors are asking around £500, which is not necessary as exchanged has already been done so it will be simple transfer.

Any advice will be much appreciated. Many thanks

G_M

WMike wrote: »

Hi Guys,

I have today purchased a Land from Auction which has Electrical Sub-Station. The land is freehold and it is subject to further 14 years lease. The electric company pays the rent which is 10 per annum.

I have paid £1500 for land and it is based in Rotherham. When the lease expires can I tell electric company to leave?
You bought it without knowing and NOW you are asking? :rotfl:

Can I increase rent, as lease does stipulate rent review every 20 years, it was signed back in 1968...and back then it was agreed between landlord and tenant £10 per annum so presumably no reviews have taken place.
What did your solicitor say when you asked him before bidding?

Another thing, since I have already exchanged contracts, can I deal with my own transfer as Solicitors are asking around £500, which is not necessary as exchanged has already been done so it will be simple transfer.
Clearly you don't believe in legal assistance, so yes, you can do without.

Any advice will be much appreciated. Many thanks

I know this is not much help, but jeeeeeez....

I suspect the utility company can force you to grant a new lease.. but I'm not a solicitor.

Since you have not quoted the wording in the lease, no one can tell you if you can raise the rent.

WMike

G_M nice sarcasm pal...The lease is a simple document, which only states, The amount of rent agreed back in 1968 and also the fact it has 20 years rent review...that's all.

Doing you own transfer, is it a simple process?

Cheers

G_M

WMike wrote: »

..The lease is a simple document, which only states, The amount of rent agreed back in 1968 and also the fact it has 20 years rent review...that's all.

Precise wording please - it makes a difference.

eddddy

I believe that the Electricity Act 1989 may give the electricity companies compulsory purchase/lease rights for substation sites. I think these would override any terms in the lease.

I think you might end up having to take specialist legal advice. I've heard allegations that the electricity companies try to 'hoodwink' people who are not fully familiar with the legislation.