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Sep, 2014

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Thread: Lease extension

  1. #21
    Join Date
    Jul 2013
    Location
    London
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    16

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    yes but you can't sign a lease in your capacity as a tenant and then in your capacity as a director or company secretary - you have a right when you own a share in the freehold company to have granted to you a 999 year lease - simply get the deed of variation drafted and ask one of the directors to sign.

  2. #22
    Join Date
    Feb 2012
    Location
    London
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    176

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    Thanks
    None of the other 2 directors will sign - this has been ongoing. The Lawyer has been instructed and says it can be done without the others signing.

    I do not know the motives of the others and sometimes personality problems develop.

    What worries me most is the sagging 2nd floor roof a frightful sight,my buyer lost his mortgage approval for this whereas the extension was less.
    "I'll be back."

  3. #23
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    14,653

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    Well the lawyer is wrong- in this case you are granting yourself a considerable benefit with a lease extension, without any consideration which as a director in this situation you cannot.

    It can easily be overturned.

    Do it at your own risk.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

  4. #24
    Join Date
    Feb 2012
    Location
    London
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    176

    Default

    Thanks

    I do not see the point. It will be the same benefit as the other 2 directors granted to themselves. Same terms will apply. The other directors not only refused to grant me extention but they granted 999 years to themselves and on top of that asked me a premium in order to grant me a lease. Besides, the value of the director’s flats is a lot highr than mine.
    "I'll be back."

  5. #25
    Join Date
    Feb 2012
    Location
    London
    Posts
    176

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    L/a have you seen such leases overturned? when and where?
    My Lawyer said that the other 2 directors can contest but it would not be easy for them. If I did not take risks the only option would be to offer a premium and pay summs I have to borrow or sell.

    The premium for my lease extension is extremely high (calculated by a surveyor recently) and it can be better put in other investments. I had found actually buyers for my property with the present lease.
    "I'll be back."

  6. #26
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    14,653

    Default

    Well you have answered you own question havent you.

    If the premium for the other flat would be higher the company would have recieved a lot more of premium than your flat's and in turn your dividend, or other shareout, from that large flat would be larger than your proportional contribution to your premium.

    Say
    £300000 /3 shared by 3
    £250000 /3 shared by 3
    You £210000 /3 shared by 3

    Do the math.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

  7. #27
    Join Date
    Feb 2012
    Location
    London
    Posts
    176

    Default

    For erevry claim and contest there is a counter one.

    The other directors run same risk of being contested. No premium was paid to me and I do not see why they should take unfair advantage and demand from me a premium. I do not know why the other directors act so. Perhaps they might have wanted in exchange of granting me a lease to aloow them various benefits such as change in the Covenants...
    "I'll be back."

  8. #28
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    14,653

    Default

    You still haven't grasped it, stop looking for zebras
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

  9. #29
    Join Date
    Feb 2012
    Location
    London
    Posts
    176

    Default

    No I don’t understand what you mean. But do not worry. My Lawyer has explained to me well. Thanks.
    "I'll be back."

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