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Since the early 1990’s
tenants holding leases of flats/maisonettes (where the
term of the original lease was granted for a period of
not less than 21 ¼ years) have been granted the right
(subject to certain conditions) to apply to their
Landlord for an extension to their lease for an
additional 90 year period on top of the current
unexpired term and at a peppercorn rent throughout.
Also, where e.g. the flat is within a block, then the
right for the majority of the tenants in such block to
acquire the freehold reversionary interest in the
building has existed thus enabling them to thereafter
also enjoy future control and management of their block.
In the event of Landlord
and Tenant(s) failing to agree a price or other terms
and conditions that will apply to such purchase or lease
extension, then these matters will
ultimately be decided by the Leasehold Valuation
Tribunal. The Notices served and Landlords Counter
Notice must contain certain specific information and
strict time limits apply to some of the procedural steps
that need to be taken by landlords and tenants. The
steps accordingly require a degree of specialist
knowledge and we shall be pleased to advise and act on
behalf of tenants who may be considering the making of
an application or for landlords who have received
notices pursuant to the1993 legislation |
