15 November 2006
Our client, a property management company owns a block of 16 flats freehold. 40 years ago, each flat was granted a 99-year lease. Recently, difficulties have been experienced by purchasers endeavouring to obtain a mortgage and consequently the directors of the company are considering extending the leases to either 125 or 999 years.
If the grant of new leases proceeds, the legal costs will be met by the lessees who each own one share in the company (6.25%). None of the lessees pay ground rent.
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Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
