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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7478
Experience:  BA (Hons), PgDip, Practising Solicitor
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If flat owners already own the freehold of a property how do

Resolved Question:

If flat owners already own the freehold of a property how do they go about increasing their leases?
Submitted: 6 years ago.
Category: UK Law
Expert:  Thomas replied 6 years ago.

Hi,

 

Thanks for your question.

 

If all freehold owners consent to the extension of the term of a lease registered against the freehold then the landlord (ie. freeholders) and tenants can agree to execute a deed of variation. This is a deed which references the original lease and amends the relevant clause relating to the term of the lease so that it is extended.

 

A solicitor would need to draft the deed for you and the consent of the lenders who have a charge over the lease would be required before execution and subsequent making of an applcation to the land registry to vary the leasehold title. They (lender) are unlikely to object to this, but they will likely require a deed of substituted security so that once the new land registry title is generated their charge is registered against the new title.

 

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Kind regards,


Tom

 

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