Lessees jointly own f/r; now need lease extensions?

[ndna]

It now appears that I do own 1/8 of the freehold via a private limited company ( thanks to those who posted advice)

What I don't fully understand is why I need to pay to have the lease extended - am I not partially paying myself? Is it because other shareholders of the company may not be the leaseholders and therefore want the gain of this payment and have no need to ever pay for an extension ?

I have scoured quite a few sites but I seem to end up with more questions than answers !

Cheers

[sgclacy]

It now appears that I do own 1/8 of the freehold via a private limited company ( thanks to those who posted advice)

What I don't fully understand is why I need to pay to have the lease extended - am I not partially paying myself? Is it because other shareholders of the company may not be the leaseholders and therefore want the gain of this payment and have no need to ever pay for an extension ?

I have scoured quite a few sites but I seem to end up with more questions than answers !

Cheers

Because you must see the situation in TWO parts. On the one hand you are a shareholder and will recieve 1/8 of each of the eight lease extentsions in the fullness of time. And on the other hand you are a lessee which is different of course from being a shareholder.

[thevaliant]

On the assumption there are eight flats, and you have a one eighth share, then there is no ultimate hurry to perform the lease extension, but it must be done eventually.

Suggest - Get together with all your other fellow lessees, fellow freeholders, get a good solicitor to formally surrender and regrant the leases on terms of 999 years with peppercorn ground rent.

[jeffrey]

On the assumption there are eight flats, and you have a one eighth share, then there is no ultimate hurry to perform the lease extension, but it must be done eventually.

Suggest - Get together with all your other fellow lessees, fellow freeholders, get a good solicitor to formally surrender and regrant the leases on terms of 999 years with peppercorn ground rent.
I agree. It's better for all eight lessees to do this sooner rather than later- for instance, a lessee might complicate the situation by:
a. inconsiderately dying; or
b. wanting to sell or remortgage.
In each case, the lessee can deal only with whatever he/she owns as lessee- the old lease.