Lease extention

[balamoray]

I have purchased a Flat with a freehold share
Now does the mean my flat is freehold and the lease will never run out?
Would be grateful for some help on this question

Have a great easter break everyone


Many Thanks


Balamoray

[Richard Webster]

Now does the mean my flat is freehold and the lease will never run out?

No. Think about it. You have a lease for so many years of your flat. You share ownership of the freehold with others. Why should the lease magically get extended?

Together you can decide to extend the leases of the individual flats but if the freehold is literally owned by up to four individuals they have to be unanimous in their decision, if by a company then the majority of the members present at the a meeting would have to agree it.

Normally of course the logic of the situation means that all those involved are only too keen to sign whatever is necessary to accomplish the extension of the leases, but you must understand:

a. It doesn't happen automatically - you have to get a solicitor to draw up lease extension deeds which need to be signed by all the relevant parties; and
b. occasionally agreement can't be obtained for lease extensions because:
i. a co-freeholder thinks it isn't necessary following OP's view; or
ii. most of the leases have already been extended and the one you are buying hasn't and the other co-freeholders "gang-up" on you and want paying the same amount for an extension as an outside freeholder would ask - perfectly legal I'm afraid; or
iii. if the co-freeholders are individuals rather than a company and one has disappeared then no lease extensions can be obtained because his signature will be needed.

[jeffrey]

True, plus: if an existing lease is in mortgage, the mortgagee needs to be involved with a Deed of Substituted Security.