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Lease extension when share of freehold
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Just a note on this to help you clarify the terms:EimearHowley said:Thank you very much. Apologies I’m not used to the leaseholder/freeholder terminology!We don’t have a leaseholder as we are all sharing a share of the freehold.
I’m not sure if there was a payment but I know the rent was the ‘one peppercorn’ term.
You are a leaseholder - you currently hold a lease over your property.
Your two neighbours are leaseholders too - as they also hold leases over their properties.
All three of you are also freeholders.
If one of your Neighbours sells their leasehold property, but opts to hold onto their share of the freehold, then they will continue to be a freeholder, but cease to be a leaseholder. the new owner of that property will then be a leaseholder, but not a freeholder.
Make sense?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
It sounds like the proviso in the lease to allow a neighbour to extend on the same terms (i.e. NIL charge) was done because 2 wanted to extend and one didn't - probably because they didn't want to pay out for legal fees at the time.The leaseholder who is extending should pay their solicitors costs. The freeholder (which is all 3 of you) will either state that the leaseholder pays the freeholders legal fees, or you pay 1/3 each of those costs only.0
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In both the lease extensions I have been involved with the leaseholder had to pay all the freeholders legal costs.In both cases that was less than £800 (excluding surveyor costs, which don’t appear to be relevant if no premium due) so not excessive.0
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