Lease Extensions by joint Freeholders.

[karinrees]

My husband recently sold his freehold on a house converted into two flats to the two leaseholders. After the sale I asked one of them if she had extended her lease. She said her solicitor had advised her that as she and her joint freeholder were tenants in common they could not legally extend their leases until one of them sold their lease. This seems totally illogical to me - have they been advised wrongly?

Thank you.

[jeffrey]

My husband recently sold his freehold on a house converted into two flats to the two leaseholders. After the sale I asked one of them if she had extended her lease. She said her solicitor had advised her that as she and her joint freeholder were tenants in common they could not legally extend their leases until one of them sold their lease. This seems totally illogical to me - have they been advised wrongly?

Thank you.

Yes, they have.
Freehold is owned by A and B. A owns own lease too; B owns own lease too.
So any sale of a flat is of the leasehold concerned.
A and B can grant extended new leases now, one to A and one to B. Each will replace the old lease.
However, solicitor may have meant that:
a. there is no compelling need to do that yet; and
b. on such sale, a new lease (e.g. of A's flat) could be granted by A and B as lessors direct to the purchaser (P) as lessee. This is slightly cheaper, true, but A's sale to P would then need to involve B as well. Suppose that B's away, out of contact, or unwilling to co-operate at that stage? These are all reasons why the Deeds of Surrender and Re-grant (= new leases) should be completed and registered sooner rather than later.

[karinrees]

Thank you Geoffrey. I'll pass that on to the leaseholders. I thought it wasn't right, as otherwise there would have been little point in their owning the freehold.

[jeffrey]

Thank you Geoffrey. I'll pass that on to the leaseholders. I thought it wasn't right, as otherwise there would have been little point in their owning the freehold.

1. It's "Jeffrey"!
2. I have slightly amended line 1 of item b in post #2 above, for clarity.
3. Let us know if lessees have any further queries.
4. Send pm to me if they need professional assistance in Deeds of Surrender and Re-grant.

[karinrees]

Oops sorry about the mis-spelling. Force of habit - I have a family member named Geoffrey!

Thank you again.

[jeffrey]

Oops sorry about the mis-spelling. Force of habit - I have a family member named Geoffrey!

Thank you again.

It's OK; I'm used to it by now. Anyway, I have a family member called "Karen" not "Karin".

[karinrees]

Touche ;)