10:45 AM, 16th February 2014, About 10 years ago 11
I own a 1 bed flat in Walthamstow that is part of a converted house, with one other flat above. As part of the sale, in 2003, I gained the freehold for both properties. The lease agreement for both flats now has 74 years to go.
My flat was sold on a lease basis, so I have both the lease and the freehold. My question is, as freeholder, do I have to pay my self the going rate to extend the lease, or is it possible to do this for a nominal fee, say £1?
Also the owner of the flat upstairs has not addressed the fact that the lease is dwindling – should I suggest we renew, or do I wait for him to say so? Obviously the longer it is left, the more expensive it will be for him, and possibly me?