Share of Freehold - extention of leasehold

SCH1937

Hello,

I'd really appreciate some guidance. I have a share of freehold maisonette which also has a leasehold in place for each of the maisonettes (two).

I need to extend my lease but I'm being told because I own the share of freehold I can't grant myself an extension.  I'm very confused by this and really need do advise and guidance. 

eddddy

It sounds like you and your neighbour jointly own the freehold.

Therefore, you and your neighbour can jointly agree to extending your lease. (But your neighbour might want you to pay them some money in return.)

Or your neighbour might refuse to agree to you extending your lease.

Do you and your neighbour both have the same lease length? If so, it might be sensible for you to jointly agree to extend both leases at the same time.


Hopefully, you and your neighbour can jointly reach an agreement on this. But if you can't, you can probably opt for a "Statutory Lease Extension" - but that will involve a lot of fees, plus you'll have to pay your neighbour a chunk of money for the lease extension.

propertyrental

You do not own the freehold so cannot unilaterally extend your lease. You jointly own the freehold, so need the agreement of the joint owner.
If the joint freeholder's lease is the same length as yours, the solution is to agree to extend both leases, then you both benefit.

If the other lease is longer than yours and does not need extending, or he does not want to extend for some reason, then you may need to incentivise him to agree to extend your lease.

SCH1937

eddddy said:

It sounds like you and your neighbour jointly own the freehold.

Therefore, you and your neighbour can jointly agree to extending your lease. (But your neighbour might want you to pay them some money in return.)

Or your neighbour might refuse to agree to you extending your lease.

Do you and your neighbour both have the same lease length? If so, it might be sensible for you to jointly agree to extend both leases at the same time.


Hopefully, you and your neighbour can jointly reach an agreement on this. But if you can't, you can probably opt for a "Statutory Lease Extension" - but that will involve a lot of fees, plus you'll have to pay your neighbour a chunk of money for the lease extension.

Thank you for your reply.  My neighbours extended their lease a few years ago in hindsight I should have done mine at the same time. They needed my permission and had to pay me a sum of money to do so. 

SCH1937

propertyrental said:

You do not own the freehold so cannot unilaterally extend your lease. You jointly own the freehold, so need the agreement of the joint owner.
If the joint freeholder's lease is the same length as yours, the solution is to agree to extend both leases, then you both benefit.

If the other lease is longer than yours and does not need extending, or he does not want to extend for some reason, then you may need to incentivise him to agree to extend your lease.

They have already extended their lease so won't need to extend. 

I just seem to be going in circles with this. 

eddddy

SCH1937 said:

Thank you for your reply.  My neighbours extended their lease a few years ago in hindsight I should have done mine at the same time. They needed my permission and had to pay me a sum of money to do so. 

Then I guess they will expect you to pay them a sum of money to extend your lease. Is it the same owners as a few years ago, or has the flat been sold/bought since?

The fair cost of a lease extension might have increased since then - as the lease will be shorter, and property values might have increased significantly.

propertyrental

I don't understand. On the one hand:

SCH1937 said:

I'd really appreciate some guidance. I have a share of freehold maisonette which also has a leasehold in place for each of the maisonettes (two).

I need to extend my lease but I'm being told because I own the share of freehold I can't grant myself an extension.  I'm very confused by this and really need do advise and guidance. 

yet on the other hand:

SCH1937 said:

eddddy said:

It sounds like you and your neighbour jointly own the freehold.

Therefore, you and your neighbour can jointly agree to extending your lease. (But your neighbour might want you to pay them some money in return.)

Or your neighbour might refuse to agree to you extending your lease.

Do you and your neighbour both have the same lease length? If so, it might be sensible for you to jointly agree to extend both leases at the same time.


Hopefully, you and your neighbour can jointly reach an agreement on this. But if you can't, you can probably opt for a "Statutory Lease Extension" - but that will involve a lot of fees, plus you'll have to pay your neighbour a chunk of money for the lease extension.

.. My neighbours extended their lease a few years ago in hindsight I should have done mine at the same time. They needed my permission and had to pay me a sum of money to do so. 

Why should your current position be any different to your neighbour's position a few years ago?

SCH1937 said:

propertyrental said:

You do not own the freehold so cannot unilaterally extend your lease. You jointly own the freehold, so need the agreement of the joint owner.
If the joint freeholder's lease is the same length as yours, the solution is to agree to extend both leases, then you both benefit.

If the other lease is longer than yours and does not need extending, or he does not want to extend for some reason, then you may need to incentivise him to agree to extend your lease.

I just seem to be going in circles with this. 

In what way?