We are 3 flats with unexpired 64 year leases. Each lessee has 1/3 share of freehold. We have a management company. Each lessee is a director. Each flat has a substantially different market value. The 2nd floor flat has the lowest value, mine on the first has middle and the groundfloor is by far the very dearest. So premiums should be paid according to a surveyor. I approached one lessee, the ground floor owner a few months ago about the extension but she refused to discuss. The other lessee has left without leaving a contact. Relations are generally very very poor between all three.
Yesterday the groundfloor owner met with me and said she was intending to sell her property and she needed both me and the other lessee to sign ONLY for her own lease to be extended to 999 years. But said she would NOT sign an extension of my own lease and would NOT sign the extension of the other lessee either. I said this is unreasonable and leaves me and the other owner without extensions of our leases. I said there was no whatsoever incentive for us to sign and no way to conduct a business.
I do not intend to sign somebody else’s lease extension when they refuse to sign mine. What would be the point? But what could be the outcome of that? Anyway I asked her to put into writing what she said.
Thanks for replies