We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Yielding up, anyone heard of it?

whitejohn
whitejohn Posts: 218 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
What is yielding up? as shown on the lease for a flat I was thinking about buying.

From what I can see it means giving the flat back to the landlord, free of charge, at the end of the 145 years lease!

Maybe I have finally found out why they are not selling?
«1

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 22 October 2015 at 10:32AM
    Why do people not quote in full when asking for explanations. Give us the sentence. And the context (where in lease).

    But yes, it's likely to refer to returning the lease to the freeholder.
  • whitejohn
    whitejohn Posts: 218 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    At the end of the term the tenant shall yield up the flat with vacant possession and all keys.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    A lease is issued for X years. At the end of that time, if the lease has not been extended, the flat is handed over "for free" to the freeholder.

    Most of the time people DO extend the leases. But, if a lease was just left, unextended, to the end of the term, the building owner becomes the new owner "for free".
  • RAS
    RAS Posts: 36,185 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Basically it is what leasehold is all about. You do not own the building, only borrow it for a prescribed period of time.
    If you've have not made a mistake, you've made nothing
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    whitejohn wrote: »
    From what I can see it means giving the flat back to the landlord, free of charge, at the end of the 145 years lease!

    Yes, that's what a lease is!

    How concerning it is depends how close you are to the end of the 145 years.
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    whitejohn wrote: »
    What is yielding up? as shown on the lease for a flat I was thinking about buying.

    From what I can see it means giving the flat back to the landlord, free of charge, at the end of the 145 years lease!

    Maybe I have finally found out why they are not selling?

    Can't see what the issue is, this is the situation for all leasehold property unless the lease is extended.
  • whitejohn
    whitejohn Posts: 218 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    OK thanks, so I need to be looking for a section that says it can be extended.
  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
    whitejohn wrote: »
    OK thanks, so I need to be looking for a section that says it can be extended.

    no

    http://www.lease-advice.org/publications/documents/document.asp?item=8#16

    you are legally allowed to request an extension (that cannot be refused) if your lease meets certain requirements.
  • whitejohn
    whitejohn Posts: 218 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    martinsurrey wrote: »
    no

    http://www.lease-advice.org/publications/documents/document.asp?item=8#16

    you are legally allowed to request an extension (that cannot be refused) if your lease meets certain requirements.

    Thanks I will look at that now. I'm being cautious as they have been vacant for over 2 years. Have been told they are on a commercial lease as they are above retail units that are also mostly vacant.
  • ognum
    ognum Posts: 4,879 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    whitejohn wrote: »
    Thanks I will look at that now. I'm being cautious as they have been vacant for over 2 years. Have been told they are on a commercial lease as they are above retail units that are also mostly vacant.

    Wish you had said that at the start, I know nothing about commercial leases so don't take any notice of my previous answer!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.4K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.4K Work, Benefits & Business
  • 601.2K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture