Extending lease on freehold owned by me?

Pic of leasehold word and explanation property118

by Readers Question

12:03 AM, 5th July 2023, 3 years ago 4

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Landlord News Landlords Questions Property Investment News

Hello, I have a property which is two flats where I own the share of freehold with the other flat owner.

Our leases are at about 80 years each and I want to extend the leases to 199 years, but the other flat owner is refusing to engage in this.

How can I extend my lease without having to have his permission?

Because, at the moment, I can’t sell my flat because mortgage lenders won’t lend on a lease of 80 years, even though I own a share of the freehold.

Thank you,

Sarah

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Tags: freeholder issues, Leasehold Property Issues

Comments

David Judd

Member Since June 2021 - Comments: 80

9:49 AM, 5th July 2023, About 3 years ago

Engage solicitors, the cost to extend your lease is not expensive, and as you have share of freehold, I would make them 999 leases

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Darren Peters

Member Since January 2016 - Comments: 473

10:35 AM, 5th July 2023, About 3 years ago

As I understand it the two leaseholders own the Freehold between them.

I would suggest that Original poster doesn’t worry about extending the other Leaseholder’s Freehold and concentrate on his own.

I am curious as to what happens when one of the joint (presumably 50%) Freeholders is hostile or silent such as in this scenario. Ie can OP as joint Freeholder act unilaterally?

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Crossed_Swords

Member Since April 2021 - Comments: 189

9:23 AM, 6th July 2023, About 3 years ago

You can extend your lease on its own – you’ll need the other party to sign the transfer deed that’s all. If they refuse then your solicitor should write to them saying they’ll get a court order if necessary which will be at their cost. Presumably they don’t want the cost of extending the lease.

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Judith Wordsworth Read Full Bio

Member Since January 2015 - Comments: 1447 - Articles: 1

10:12 AM, 8th July 2023, About 3 years ago

Leaseholds do not have to be extended at the same time.
Just extend (vary) yours, to 999 – that’s the current norm AND vary the Ground Rent to a Peppercorn.

Yes the joint freeholder will need to sign the Deed of Variation, or Surrender and Regrant if you do it that way, but it will have no adverse effect on his leasehold.

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