1. Each HMLR title is specific to an estate or interest. A new lease needs a new title, so - on leasehold extension - the old title is closed and a new one is opened. Really, an "extension" is a surrender and re-grant (except, unusually, if the extension takes the form of a reversionary lease leaving the old lease in place).
Originally Posted by TimUK
2. Hence, if the old lease is subject to a registered charge (=mortgage), the chargee/mortgagee needs to execute a Deed of Substituted Security before the old title can be closed.
3. If a registered lease's term expires, the title continues to exist. Some leases are capable of continuing after term expiry (think AST with periodic continuation tenancy). The title can be closed on application (form AP1) with supporting evidence.
4. The same is largely true of a lease that is as-yet unregistered and now expires (but application form would be CN1) or is extended.
Last edited by jeffrey; 02-08-2007 at 13:50 PM.
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