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Stuart J
Stuart J, Solicitor
Category: UK Property Law
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Experience:  PGD Law. 20 years legal profession, 6 as partner in High Street practice
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I am buying an extended lease from my freeholder at a reduced

Resolved Question:

I am buying an extended lease from my freeholder at a reduced price because he will be offering a non statutory lease with increasing ground rent to cover the difference.

What are the disadvantages of a non statutory lease like this, and will I have problems if I want to sell my flat in the future?

Thanks

Dens
Submitted: 8 months ago.
Category: UK Property Law
Expert:  Stuart J replied 8 months ago.
Thank you for the question. It is my pleasure to help you with this today. Please bear with me if I ask for more information.

Apart from the financial considerations, it makes no difference because he cannot opt out of the statutory provisions to provide a new lease when this one becomes short.
Obviously, an increasing ground rent, depending on how the increase is calculated, is not at all attractive to a buyer.

Customer: replied 8 months ago.

Thank you.


 


So even with a non statutory lease, when it comes down again to 80 years, me or my children can ask for another lease extension?


 


Why is it called non statutory?

Expert:  Stuart J replied 8 months ago.

Yes.







Yes.

 

It isn't the lease that is non-statutory, what is happening is that you are not
creating it under the statutory provisions, which dictate exactly how much you
are paying for it and what the ground rent is.

 

There
is a statutory right to renew and that is contained in statute, not the lease



Stuart J, Solicitor
Category: UK Property Law
Satisfied Customers: 19413
Experience: PGD Law. 20 years legal profession, 6 as partner in High Street practice
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